Bought house in 2011 @ 146K. Land value is $44K. I rented it out 10/15/2016. Shouldn't depr be $3709/yr and (77/366) x $3709 for 2016? That's not what TT says. Why?

[bobt33333]

I bought a house for $146K in 2011 and lived there till Oct 2016. Then I rented it out starting Oct 15 (so it was rented 21.04% of 2016). Property tax statements say the land value is $44,190 (these aren't the exact numbers, just round numbers to keep simple). Does that mean that $101,810 is my basis for depreciation? Then using the 27.5 year SL method doesn't that mean that I can take $3,702/year in depreciation? AND, for tax year 2016 shouldn't I be getting 21.04% of that ($779)?

For these numbers Turbo Tax is saying depreciation is $162. What did I do wrong?

[view2 · Accepted solution]

The way you entered your actual getting 21.04% of $779=$163.9

When you have 100% rental use from date placed in service you have $771 ,depreciation is 27.5 mid month.