My mother rented her house in Feb 2017 when she moved to an independent living facility. When I entered all of her expense and income information into TT Premier, it calculated a depreciation. But, when I went back to recheck everything, the depreciation was removed. This occurred under the Rental Info section when I moved from the page asking if the house was in a specific "Designated Area" to the page "Tell Us About the Property." I did not make any new entries. (I have repeated this several times.) Now no depreciation is listed on the relevant forms. Why was depreciation removed? I understand the IRS will count the depreciation when we sell the house even if we didn't get the deduction during the rental years. Thanks for any help.
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To take depreciation you'll need to add the house as asset. This isn't done under the Property Info/Basic Profile section. It sounds like you have it set up properly and you just need to add the asset for depreciation.
To do so: Edit the Rental > Answer questions till you arrive at Summary of your XYZ Rental > Scroll down and click Start/Edit next to Assets/Depreciation > Answer the questions to add the house as an asset.
Please let me know if this resolves your issue or if you still have questions.
To take depreciation you'll need to add the house as asset. This isn't done under the Property Info/Basic Profile section. It sounds like you have it set up properly and you just need to add the asset for depreciation.
To do so: Edit the Rental > Answer questions till you arrive at Summary of your XYZ Rental > Scroll down and click Start/Edit next to Assets/Depreciation > Answer the questions to add the house as an asset.
Please let me know if this resolves your issue or if you still have questions.
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