2053578
You'll need to sign in or create an account to connect with an expert.
You would enter your property under assets in the Rental section of the program. The building is depreciated over 27.5 years.
IRS Publication 946 at https://www.irs.gov/pub/irs-prior/p946--2019.pdf covers all the methods and conventions used to depreciate property. Typically, residential rental real estate that is located in the United States is depreciated over 27.5 years, using the mid-month convention, straight line depreciation method as shown in table A-6 on page 72 of that publication. The TurboTax program uses this automatically, by default for residential rental property located in the United States.
Question answered - thank you all.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
DallasHoosFan
New Member
eric6688
Level 1
user17538342114
New Member
alvin4
New Member
jack
New Member