So, I didn't know a HVAC replacement was supposed to be depreciated. I was audited last year for 2021 and 2022 taxes and got it all sorted out.
However, the IRS auditor provided me a schedule of how much to depreciate each year for it over 8 years, with this being year 3 (they fixed the 1st and 2nd year with with the audit).
The link below is for a picture of the depreciation schedule from the IRS auditor.
I need to add this into my rental property info, but it automatically does an amount for 5 years and won't let me change the years or dollars. How can I change the info in TurboTax to claim the right amount of depreciation this year per the auditors schedule?
https://drive.google.com/file/d/1PpdwAC43ImIL6BNi6_AfgICYxv_a_jxG/view?usp=sharing
Thank you
This will be a simple asset selection for you to arrive at the correct depreciation method and expense. Although this appears to be eight year property, it's actually seven year property. It just takes eight years to utilize the full amount of depreciation.
When you are signed into your tax return follow the steps below.
This will be a simple asset selection for you to arrive at the correct depreciation method and expense. Although this appears to be eight year property, it's actually seven year property. It just takes eight years to utilize the full amount of depreciation.
When you are signed into your tax return follow the steps below.