TT selects the 40-year depreciation period for foreign rental properties, not 27.5-year period. Why is that? Pub 527 (or 946) don't differentiate foreign properties.

[apollog]

With the right click, The desktop work around worked well.

Do you have a date when the web version will be fixed?

Thanks.

[tagteam]

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@apollog wrote:

Do you have a date when the web version will be fixed?

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I do not have a date and this error was reported months and months ago. Sorry.

[Carl]

Things for foreign rental property depreciation have changed significantly for 2018 and beyond with the tax law changes from the TCJA passed by congress.

Foreign residential rental property placed in service in 2017 or before is depreciated over 40 years.  But if placed in service in 2018 or after it's depreciated over 30 years. As of the date of this post TurboTax still has not updated the TurboTax 2018 program for this. So if you placed foreign residential rental property in 2018 or after, then you flat out can not use TurboTax at all and have no choice but to seek other avenues for completing and filing your 2018 tax return.

[tagteam]

As mentioned earlier in this thread, you can use TurboTax for foreign rental property placed in service in 2018 provided you use a desktop (installed) version and do an override on a worksheet in Forms Mode.

[apollog]

I made the change on the desktop version and it works. Also interesting fact is that the AMT numbers were using 30 years to start with.

However, I have 7 states to file with and I am using the freedom version for this. I thought of inflating the cost base of the property proportionally (1.3333 of the original cost) in order to get the annual depreciation right. I assume I can adjust the cost back in future years when the software is fixed.

Is there any problem in doing it? (even if the AMT numbers does not match - because I do not have AMT liability).

Also, is there a way to download the corrected return file from the desktop version and upload it into the web version?

Thanks.

[tagteam]

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@apollog wrote:

Also, is there a way to download the corrected return file from the desktop version and upload it into the web version?

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The only way to know for certain would be for you to upload the desktop file into the web version yourself (make sure you back up any original online file you created first). 

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@apollog wrote:

However, I have 7 states to file with and I am using the freedom version for this.

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You might be able to do similar overrides for some or all of your state returns. Since you have so many to prepare, you will probably want to print and mail them anyway.

[apollog]

I did not see a place where you upload a file into the web version. I can only see a download.

Can you please direct me to how to do it?

[VolvoGirl]

Sorry no.  You can not upload a current year Desktop return file to the Online version.  You can only transfer a prior year (2017) Desktop file into a new blank current year online version.  

You can only download a .tax2018 from online and open it in the Desktop program.   One way only, Online to Desktop.

[tagteam]

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@apollog wrote:

I did not see a place where you upload a file into the web version. I can only see a download.

Can you please direct me to how to do it?

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I noticed @VolvoGirl just answered. So, as she indicated, no, you cannot upload a current year tax file created in a desktop version into an online version. Sorry.