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How soon can you update my turbo tax program to utilize the 30-year recovery period in IRC Section 168(g)(2)(c), for my foreign residential rental property

 
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1 Reply
Carl
Level 15

How soon can you update my turbo tax program to utilize the 30-year recovery period in IRC Section 168(g)(2)(c), for my foreign residential rental property

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.)

 

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