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ustaxsue
New Member

Foreign rental depreciation

I have a foreign rental property, I verified in the address section that it is stated as in 'Foreign Country'. Yet when I enter the 2017 depreciation in TurboTax, the life is 27.5 years, all my previous years depreciation are 40 years. 

I verified my entries many times, still show up as 27.5 years! Could I go direct to the form 4562 to change it? Appreciate any help! Thanks!


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1 Best answer

Accepted Solutions
KarenJ
Intuit Alumni

Foreign rental depreciation

Just checking:

For the screen Is This a Rental Property or Royalty, you entered Location as Foreign Country and you named the Foreign Country and Foreign Province and Foreign Postal Code,

In the Is your Property in Any of These Designated Areas, you checked the first box that the Assets for this property are located outside the US or US possessions and at the bottom of that screen you checked All of the assets for this property are located outside the US or US possessions.

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2 Replies
KarenJ
Intuit Alumni

Foreign rental depreciation

Just checking:

For the screen Is This a Rental Property or Royalty, you entered Location as Foreign Country and you named the Foreign Country and Foreign Province and Foreign Postal Code,

In the Is your Property in Any of These Designated Areas, you checked the first box that the Assets for this property are located outside the US or US possessions and at the bottom of that screen you checked All of the assets for this property are located outside the US or US possessions.

ustaxsue
New Member

Foreign rental depreciation

Spot on! Thanks so much! TurboTaxKarenJ. I missed the second part 'Assets for this property are located outside the US...' I read too fast:-) Now problem solved!
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