Bought house for 201,000, 14 years later sold it for $225,000. Used it as a rental last 4 years (33% of the time owned). It says i get to claim -113,000 on deductions. What did I do wrong???
Use 100%, and 100% of the sale price. Don't use the 33%/67%.
I have another question for you TaxGuyBill....Where do I locate my depreciation over the last 4 years...Is it the amount on line 18 of Schedule E of each years tax return?
Yes, but if you have more than one "asset", that would include all of the assets.
You can print out (or make a PDF) of *ALL* worksheets, and look for the "Depreciation and Amortization Report" (it is the sideways spreadsheet). That shows the 'current' and 'prior' depreciation for each asset.