Depreciation

[Shavonvia]

I filed my rental properties last year 2018 for the first time. I have major remodeling done. When I was doing my taxes and depreciation I do believe I selected the incorrect asset code. So therefor I got a 5 year depreciation. I know that they need to have more than that. Do I need to amend my 2018 return to fix this? 

I did try to amend to correct codes such as the new roof but it put it in a 40 year deprecation. What am I doing wrong to get it in the correct  27.5year range. 

[AmeliesUncle · Accepted solution]

Yes, you need to amend 2018 to correct it.

Is this property in the United States?  Is it Residential property?  Or is it Commercial/Business property?

If you follow the step-by-step interview and edit that "asset", it should walk you through it.

[Carl]

Do I need to amend my 2018 return to fix this?

Yes. After you amend the 2018 return, then (and only then) can you start your 2019 tax return. Otherwise, if you start the 2019 tax return before amending the 2018 return, the amended changes "WILL" "NOT" be imported into TurboTax 2019.

it put it in a 40 year deprecation.

That's because you may have selected the wrong thing, unless your rental is not residential, but is commercial real estate.

Residential rental real estate located in the U.S. is depreciated over 27.5 years.

Commercial rental real estate located in the U.S. is depreciated over 40 years.

[Shavonvia]

Yes in the US and is Residental property.