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Returning Member
posted Mar 8, 2023 4:38:56 PM

RENTAL PROPERTY ACCELERATE DEPRECIATION PURCHASED AND PLACED IN 2022

How do I calculate the accelerate depreciation and special depreciation for this rental. If I select in turbo tax rental residence is calculating regular depreciation. If I use land improvements it is giving me the opportunity to get a special depreciation but not sure if this is correct. I purchased a condominium on Oct 2022 and rented on Dec 2022. 

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2 Replies
Level 15
Mar 8, 2023 11:23:17 PM

the condo is residential real estate depreciated using MACRS over 27.5 years. MACRS for this is straight line using the mid-month convention. accelerated depreciation, special depreciation, and 179 depreciation  are not available,

 

 

Level 15
Mar 9, 2023 6:02:29 AM

Duplicate post asked and answered at https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-asset-category-should-i-use-for-rental-property-purchased-on-2022-i-am-using-residential-and/00/2939681