I am using 31.5 SL MM depreciation. The program is using a depreciation value of 35 years instead of the 31.5 years. For example: 240,000 basis should be $7620, but instead the program gives a depreciation value of 6667.00. It seems that there is a program issue.
Is there a way of changing it? I am trying to remain consistent with the prior depreciation schedule from an accounting firm last year.
You'll need to sign in or create an account to connect with an expert.
What kind of asset is it?
I only see 31.5 available for assets placed in service in 1993 or earlier.
It's real estate property used for business purposes.
39 years would be the appropriate useful life for commercial real estate after 1993. I suspect TurboTax is using that and factoring in the accumulated depreciation when you entered the asset into the program. You can look on the asset worksheet if you are using the desktop version of TurboTax to see how it is being calculated. The worksheet should also be available when you pay for your program if you are working online with the program. You cannot change the useful life in TurboTax without doing an override though.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
s d l
Level 2
theDoc
New Member
Complexlocal
Level 1
bradnasis
New Member
meade18
New Member