Is Turbotax calculating the depreciation on my rental correctly? I'm pretty familiar with it - I cant figure out how they came up with their number

I did a manual calculation for my rental property, and im coming up with a completely different number than turbo tax. Can any verify or provide insight on why this may be happening? Details are below

Asset: Rental Property
Acquired: 2011 (for personal use)
   - Switched to100% business use on 6/15/16
Cost: 149000
Land Cost: 37697
Cost Basis (Cost - Land Cost): 111303
Depreciation Methods:
     - Years to fully depreciate: 27.5
     - MACRS Convention: MM (Mid Month)
     - Depreciation Method: SL

Since its over 27.5 years, 1/27.5 = 3.636% per year.

For 2021, I use:
$111,303 X 3.636% = $4047

Somehow, turbo tax shows $4848
(No special 179 deductions)

Any ideas? Appreciate your response in advance!

443

Level 15

Mar 25, 2022 4:00:33 PM

Are you entering an amount for the "prior depreciation"? If so, what are you entering (it may be wrong)? You may consider leaving that BLANK.

Level 15

Mar 25, 2022 4:20:18 PM

Check the total of the prior year's depreciation already taken. Looks to me like that may be low by about $801, which is darn close to 2 months of depreciation. Another possibility is that the in service date got changed somehow, when it shouldn't have.

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Is Turbotax calculating the depreciation on my rental correctly? I'm pretty familiar with it - I cant figure out how they came up with their number