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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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.
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.
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