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Investors & landlords
@Carl I have foreign rental property since 2007 and 2005 respectively that I depreciated on TT for years but now need to completely re-enter**. However, I can not figure out how to get my old 40 year ALT/MM depreciation data to show up correctly in the Form 4562. I tried to change things vis step-by-step as instructed (also in this forum) and via "Form View" but It does not allow me to choose the setting combination from the previous years. For example, it forces a choice of "asset class" and when I choose "Residential rental" (which it is, then that forces 27.5 years, etc. - If I force that to 40 years manually, the Asset Class box turns red and the warning icon pops up next to the form...WHAT CAN I DO??
I have depreciated them through the TT program without issues for years. Due to the conventions back then , the depreciation period was 40 years and the parameters that show on Form 4562 show Method/Convention SL/MM. A fews ago I also had PWC look over my taxes and they confirmed this was correct.
** The reason for the re-entry need is that - like for many others - my 2021 TT Home & Business desktop edition Amort & depreciation area is constantly showing "Still under construction" and the only help the TT agents can provide after over 5 hours (yes, that is FIVE) is to do a "clean install" and not import any of my historic data.