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Investors & landlords
Upon further investigation, it seems TurboTax has Type of Asset set to be "J6 - Roofs/HVAC/Fire/Alarm/Security" instead of "I - Residential Real Estate", but I think the latter is the correct category. The interview questions are not clear on when to choose one vs. the other for roofs and HVAC. Maybe that's how the 39 years got into the tax return. If I change it to Residential Real Estate for 2021, will TurboTax recalculate the prior depreciation as if it had been taken in 2020?
March 28, 2022
11:14 PM