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Understanding Depreciating Assets
December of 2021 I purchased a furnace for a rental property. $10,900. I decided to depreciate it over 5 years since we were thinking about selling and wanted to offset the sale gains. Classified type of asset as F-Rental furnishings. Received $545 depreciation for 2021 taxes. We sold the property in May 2022. I was expecting close to $10K in the final depreciation for this asset but turbo tax only calculated $4,142. Is this a bug in Turbo Tax or am I not understanding depreciation correctly? Thanks
March 4, 2023
4:09 AM