Should I see no ($0) Depreciation on Sch E Line 18 from the passive Rental Properties I purchased in 2018 though I entered Purchase Price, Land Value, Income & Expenses?
03549
1 Best answer
DDollar
Expert Alumni
Jun 4, 2019 9:02:58 PM
You should be seeing depreciation expense for the first year. Residential rental property uses a mid-month convention whereby the depreciation is calculated starting with the mid-point of the month placed in service.
3 Replies
KrisD
Intuit Alumni
Jun 4, 2019 9:02:55 PM
What month was it placed in service?
ray465
New Member
Jun 4, 2019 9:02:57 PM
There are 2 properties in 2018 (January and May in Service) plus one in 2017 (July) - not seeing depreciation being added to expenses
DDollar
Expert Alumni
Jun 4, 2019 9:02:58 PM
You should be seeing depreciation expense for the first year. Residential rental property uses a mid-month convention whereby the depreciation is calculated starting with the mid-point of the month placed in service.