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Investors & landlords
YOu don't figure that. The program does it for you.
If you imported from last years .tax2021 file, then there's nothing to figure, as the prior year's depreciation is imported.
Otherwise, when you enter the property in the assets/depreciation section, if it was placed in service prior to 2022, then the program will automatically figure the prior depreciation, based on the in-service date you enter, along with the MACRS classification you select. If the prior year's or current year depreciation does not seem correct, then there's a user mistake somewhere. Could be on the prior year tax return, or the current tax return you're working on.
March 9, 2023
9:08 PM