Question on depreciation - I had a 30 year mortgage loan on early 200s, then refinanced for 15 in 2012, and turned it into a rental in 2013. Do I need to update/change?

[chapinreyes]

I have been using turbo tax for over a decade.  This is the first time I took a look at the asset depreciation section.  It has the info I entered into turbo tax like:

date placed on service

cost value

land value

I lists the prior depreciation value

Business %

Then in the:

In the asset summary page:

years to fully depreciate is 27.5 years

MACRS MM

Depreciation Method SL

It looks like each year i see the same amount, but I realized that the home is no longer on a 30 year loan, but 15 since 2012 and I make some extra payments each month.  Do I need to make any changes?  How would I go about updating this section?

[Coleen3]

Your mortgage has nothing to do with your entries regarding your rental. What is important is the original cost plus improvements and the Fair Market Value on the date you converted it to rental property. Your depreciation is based on the lower of those two amounts.