Can I use 40 year depreciation on my condo rental? My taxes are zero with or without the deduction so I want to take the least amount of depreciation allowable.

[Anonymous_]

I understand, but if I try to do that on a test return in TurboTax, an override dialog box pops up. 

Also, selecting "ALT" does not change the recovery period automatically; I have to type in "30".

[dllr597387]

@Anonymous_ 

This is a foreign address, but since I am using TurboTax Premier Online the form option is not available.  Guess I will just use 27.5 year depreciation as you suggested as it only makes less than a 10% difference.

Thanks for everyone's help.

[Anonymous_]

Probably not a huge deal, @dllr597387, but you are supposed to use ADS if the property is used predominantly outside the United States.

See https://www.irs.gov/publications/p946#en_US_2020_publink1000107509

[AmeliesUncle]

While in the asset section, look for a  check-box that asks if it is outside of the US.

[dllr597387]

That's interesting.  I did select 'this is a foreign address' check box but it still selected GDS automatically for me.  I did download the desktop version and imported the online tax data into it and confirmed the property listed under the Form 4562 part III, section B used for GDS.  Is this a bug on the Online version? 

[Anonymous_ · Accepted solution]

@dllr597387 

Did you also check the boxes shown in the screenshot below in the Property Profile section?

[dllr597387]

Missed that one.  That was it.  

Thank you very much!