Tax Year Prior to 2020: How do I determine MACRS deduction for my rental condo?

[KarenL2]

For a residential rental property, the depreciation is take over 27.5 years using MACRS - Straight Line depreciation.  This means that the same amount is taken each year (for full years).   For partial years (such as the first and last year), it is calculated based on the number of days.

The software will calculate the correct amount based on your inputs for the date placed in service and basis.   The basis is usually your cost, or the fair market value on the date you placed it into service as a rental property, whichever is lower.

You will also enter the rental property as an "asset" and the depreciation will flow to the Schedule E.

Where do I enter income and expenses from a rental property?

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