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Why do I have a low (645) annual depreciation from Turbo Tax for 62,000 rental renovation?
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Why do I have a low (645) annual depreciation from Turbo Tax for 62,000 rental renovation?
Generally, renovations can be depreciated over the same time period as the property to which they're attached, so renovations to rental houses and apartment buildings have a 27.5 year depreciation period, while renovations on commercial properties get depreciated over 39 years.
When were the renovations done? Is the property in the USA?
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