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Investors & landlords
I agree it's best to hire a CPA to make the amendments. I just consulted a CPA friend, who suggested me starting depreciation this year since the cost for amendment (hire CPA) is likely to exceed the depreciation (tax saving). Is it OK that I reported rental income in the past years, but hasn't started depreciation until this year? When TurboTax asks "is this the first time you rent out this place", may I just say "Yes" so it would calculate depreciation starting in January 2022?
‎February 20, 2023
11:37 AM