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Rental Property Depreciation Partial Year. TurboTax Calculation double divides?
Bought house in May2014 for personal, then rental in July2017.
Total was $185K (land was $50K).
For date I started using rental, I put 7/1/2017.
Turbotax automatically calculates % time used for business as 50.14%.
Turbotax calculates my depreciation as $1,105.
According to my calculations it's closer to $2,210 = ($185,000 - $50,00) divided by 27.5 multiplied by (6 months - 0.5)/12))
It seems Turbotax is double inputting 7/1/2017 as half the year and then further dividing by 50.14%?
Please help.
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Rental Property Depreciation Partial Year. TurboTax Calculation double divides?
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Rental Property Depreciation Partial Year. TurboTax Calculation double divides?
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Rental Property Depreciation Partial Year. TurboTax Calculation double divides?
Please see the screen shot below (adapt for 2017). The top part shows that it was not rented all year. The bottom portion allows you to claim zero personal use. Once the property is converted, it is no longer personal use, unless the tenants were transitory and you stayed in the property between tenants.
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