Rental Property Depreciation

[MSPS07]

I am using TurboTax Premier desktop.  I bought a residential condo as an investment.  The condo is on Indian leased land so it has $0 land value on my property tax.  Turbo is classifying it as commercial incorrectly (I believe because of the land lease) and using the 39 year depreciation schedule instead of the 27.5 year schedule.

How can I override the asset classification and change it to the 27.5 year schedule?

Thank you

[MinhT1]

You should change the asset classification to Residential Rental property. TurboTax will then change the depreciation period to 27.5 years.

[MSPS07]

TurboTax changed my designation to commercial - I did not select commercial.  I am asking how to override this change by TurboTax.

[Carl]

It sounds to me like you are incorrectly reporting/entering this on SCH C, when you should be entering it on SCH E. Is that the issue maybe?

[MSPS07]

Hi Carl - no - I am in Sch E.  

[Carl]

The only thing I can think of, is for you to start over. It's easy since you're using the desktop version.

Close the program, then delete the .tax2021 file in the documents\turbotax directory. Then start the program and it's "as if" you just installed it for the first time. You'll be able to import your data again from your .tax2020 file if it's present on your computer.

[Anonymous_]

Enter Forms Mode and see if you can make a change on the Asset Entry Worksheet.