You'll need to sign in or create an account to connect with an expert.
You can enter your 40 year Straight Line depreciation. If you placed the property in service before 1981, TurboTax will prompt you to enter the Depreciation Method. See the screenshot below.
If you placed rental property in service before 1987, you are using one of the following methods.
Accelerated Cost Recovery System–(ACRS) for property placed in service after 1980 but before 1987.
Straight line or declining balance method over the useful life of property placed in service before 1981.
Generally, you must use the Modified Accelerated Cost Recovery System (MACRS) to depreciate residential rental property placed in service after 1986.
****Swapping from 40 year to 27.5 year requires a change in accounting method. You would need to file IRS Form 3115, Application for Change in Accounting method and get approval by the IRS.****
See IRS Publication 527,
https://www.irs.gov/publications/p527/ch02.html, for additional information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mag1949
New Member
Think57
Level 3
smlucio
Level 1
obeteta
New Member
samT5
New Member
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.