You'll need to sign in or create an account to connect with an expert.
You experienced the same thing I did. But it's an easy fix, as the property is already updated.
On your "INITIAL" entry of the property you were informed by the program in the end that it would be depreciated over 40 years. I "think" that's a typo on a programmer's part.
Go into the Assets/Depreciation section and elect to edit that specific asset and work it through. When you get to the "asset summary" screen for that particular asset, select the "show details" checkbox and you'll see you're informed that it will be depreciated over 30 years.
If it does not show 30 years, but says 40 years instead, then let me know and I'll help you find what you missed. (I missed it the first time too.)
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
huntinad
Level 1
redmoose
Returning Member
jeprice2842
New Member
kf_7
New Member
Johnny265
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.