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Investors & landlords
I converted my rental property to personal use Nov 1 of 2021 and TT comes up with a different number for allowable depreciation expense on my sch E work page than what I would expect 303/364 of 12 months of SL depreciation.
303/364 is the wrong math. When it comes to the IRS, if it's easy you did it wrong. That's now how depreciation works. For rental property, the mid-month convention is used. See IRS Publication 946 and use the worksheet on page 37. For line 6 of the worksheet, Table A-6 on page 72 applies.
‎April 10, 2022
4:56 AM