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New Member

Depreciation on rental property is only $18?

We converted our primary residence to a rental on April 16, 2017.  I calculated our adjusted cost basis from the original purchase price plus improvements ($260,000) minus the cost of the land at the time ($150,000), which is $110,000.  Our rental income for 20167was $15,200, and our expenses were $15,182.  After entering all our information for the rental property, Turbo Tax is saying our rental depreciation allowable is only $18. 

Our rental property summary says our depreciation is only $18.  But under "Your property assets" it says depreciation is $2150.  I'm confused why it calculates it at $18?

See screenshots.

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Level 10

Depreciation on rental property is only $18?

Try going back to the Property Profile and entering a 0 for the number of personal use days, since you stopped using the home personally once you converted it to a rental. (Click the first screenshot below for reference.) After you save your information and go back to the summary screen, you will see the depreciation amount. (Click the second screenshot below for reference.)


Edited 01.29.2018 I 01:11PM PST

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Highlighted
Level 10

Depreciation on rental property is only $18?

Try going back to the Property Profile and entering a 0 for the number of personal use days, since you stopped using the home personally once you converted it to a rental. (Click the first screenshot below for reference.) After you save your information and go back to the summary screen, you will see the depreciation amount. (Click the second screenshot below for reference.)


Edited 01.29.2018 I 01:11PM PST

View solution in original post

Highlighted
New Member

Depreciation on rental property is only $18?

But the only thing I entered was the properties adjusted cost basis.  I didn't enter any other assets, so I don't know where that $18 is coming from?
Highlighted
Level 10

Depreciation on rental property is only $18?

The answer has been edited to explain why you are seeing a lower value.
Highlighted
Level 10

Depreciation on rental property is only $18?

I have edited the answer with a suggestion that may resolve your issue.