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posted Jun 4, 2019 5:59:18 PM

Am I required to use the same MACRS convention for all 3 rental properties?

I own 3 different rental properties.  Turbo tax is using the same MACRS convention for all 3 even though it should be mid-quarter for one property and half-year for the others.  Does that mean that all depreciated items in the 3 rentals will be treated the same?

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Level 9
Jun 4, 2019 5:59:19 PM

Yes, they should all be the same.

The determination of half-year versus mid-quarter is based on ALL assets placed in service by you during the year, not by each individual property.  So unless more than 40% of all assets (from all three properties) was "placed in service" during the 4th quarter, then all assets (from all three properties) should be half-year.

1 Replies
Level 9
Jun 4, 2019 5:59:19 PM

Yes, they should all be the same.

The determination of half-year versus mid-quarter is based on ALL assets placed in service by you during the year, not by each individual property.  So unless more than 40% of all assets (from all three properties) was "placed in service" during the 4th quarter, then all assets (from all three properties) should be half-year.