Thank you for quick reply. Here is more detail info:
1. As I mentioned, HVAC was installed in 2020 in my rental property.
2. I did enter it as an asset in my 2020 tax return using Turbo Tax premier. Here is on 2020 return form 4562 part III MARCS depreciation section B:
It was entered as 'H residential rental property' and recovery period is 27.5 years. I spent $5000 on HVAC, conversion is MM, method is S/L, depreciation on deduction was $68. So in theory, I can have another 26.5 years to depreciate HVAC.
3. My 2021 tax return is almost done.
I noticed on line 21 (Cost base + expense) on form 4797:
It doesn't include new HVAC
It is not reflected in line 20, 22 and 23.
Here is my question/request:
I need step by step instruction to tell Turbo Tax to include remaining 26.5 years HVAC as part of cost base
Thank you!
