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
You'll need to sign in or create an account to connect with an expert.
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.
Thank you for your help Diane! That worked great.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
siiinvest-yahoo-
New Member
dazz13
Level 2
Cubs5
New Member
prakash00
New Member
tom5411051
Level 1
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.