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TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

All e-filed, already.

Tax_Dale
Returning Member

TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

This is wrong. As per lower down where they say it's 30 years. Why did you keep the wrong info? I know I should read all of the article. That's my fault. But why continue to include bad information?

TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

 

TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

 
MarilynG1
Expert Alumni

TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

In the Property Profile section under Rentals, after entering the Foreign Rental Property address,  continue to a screen where you indicate 'Assets for this property are located outside the US' (screenshot).

 

Then, in the Rental Assets section, at the Asset Summary page, click on 'Show Details' and you should see a 40-year depreciation. 

 

 

@Sailor999 

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TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

 

 

TurboTax is making me depreciate a foreign rental property over 27.5 years. Should it not be 40 years? I've made sure I entered a foreign address.

Make sure that not only the address is correctly entered as Foreign you also want to make sure that this option is selected as well to ensure the 30-40 year depreciation.  (dependent on when placed in service).

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