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mjdiem
New Member

Depreciation on Special Assessment

I started renting a condo I own in November 2019.  A special assessment was approved by the HOA back in 2017 for the building; of which my share was $15k.  I believe I can now start depreciating this asset.  When I enter the asset in TurboTax, it shows me my 2019 expense is $69, but when I'm done entering the asset, it shows my Assets/Depreciation total as zero.  I've entered the details as follows - why would my asset/depreciation show as zero?

 

Describe asset: Rental Real Estate Property 

Tell us more: Residential Rental Real Estate

Cost: 15k

Cost of land: 0

Date purchased (in-service date [I believe]): 1/1/2018

Tell us more: I purchased this asset new

Have you used this item 100% for this business since acquisition?: No, I used it for personal use first, date started using it for business: 11/5/2019

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1 Best answer

Accepted Solutions

Depreciation on Special Assessment

When it asked you for the number of rental days and the number of personal days, did you enter ZERO  personal days?  Unless it goes back and forth between rental and personal use, you need to have entered zero personal days.

 

 

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2 Replies

Depreciation on Special Assessment

When it asked you for the number of rental days and the number of personal days, did you enter ZERO  personal days?  Unless it goes back and forth between rental and personal use, you need to have entered zero personal days.

 

 

mjdiem
New Member

Depreciation on Special Assessment

Thanks - I think I had that filled out incorrectly.  I had put the number of days I was living in the condo as my primary residence in that field - which now, when I reread the question, is incorrect.  

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