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Different depreciation value between form 4562 and schedule E ?
I got different depreciation value on form 4562, and schedule E. The number on schedule E is smaller. On the sch E worksheet, the difference is categorized as "Vacation Home Loss Limitation".
Looks to me, turbotax makes that adjustment for balancing my rental loss to be just zero. Is that reasonable? Can I use that difference in the future years?
Thanks.
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Different depreciation value between form 4562 and schedule E ?
Enter ZERO personal days. It asks for the number of personal days AFTER it became a rental.
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Different depreciation value between form 4562 and schedule E ?
Was this 100% personal use then converted to 100% rental use (expected to be a rental for a year or more)? Or is it back and forth between rental and personal use?
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Different depreciation value between form 4562 and schedule E ?
Yes, losses can be limited. When they are, the loss is carried over until you can use it.
Related:
Real Estate Tax and Rental Property
IRS Pub 527 for Rental Property
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Different depreciation value between form 4562 and schedule E ?
yes, it's first year from personal use to rental purpose. Does that matter? Thanks.
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Different depreciation value between form 4562 and schedule E ?
Enter ZERO personal days. It asks for the number of personal days AFTER it became a rental.
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Different depreciation value between form 4562 and schedule E ?
@AmeliesUncle great catch, thank you!
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