years to fully depreciate

[k4lk]

Using TT for the first year.  Have been depreciating the rental and contents over a life of 27.5 years.  Entering an asset gives a result of 5 years to fully depreciate.  How to I change the life to 27.5 so it depreciates at a 3.636% rate?

Thanks

[DavidD66]

Return to the  Rental section and select Review.  Then select Assets/Depreciation and select Update.  On your Asset Summary, select Edit for the house.  On the "Describe This Asset" screen you should select "Rental Real Estate Property" on this screen. On the next screen "Tell Us a Little More About Your Rental Asset" select "Residential Rental Real Estate". That will tell the program that you have a residential rental property that is depreciated over 27.5 years.

If you have an existing rental property and using TurboTax for the first time (for this property), you may want to consider using TurboTax Desktop (if you aren't already).  The Desktop (CD/Download) version has a "Forms"  option that lets you see your tax forms and worksheets (including Asset Entry Worksheets).  This option allows you to make entries directly on the forms and schedules.  This can be especially helpful for existing rental property.  You can verify the accumulated depreciation calculated by TurboTax (based on your entries) and adjust to actual if need be.

For more information on The Desktop - CD/Download program go to:

Which TurboTax CD/Download product is right for you?

[k4lk]

Thanks for your response David.  In my example the house was acquired 5/30/1994, cost $49,610 and land was $12,402.  In my 2020 return, prior depreciation was 46,228, current depreciation is 1,804 for accumulated depreciation of 48,032.  How much should be in the "Amount of depreciation taken in prior years" box?  If I put in 46,228, I get a 2021 estimated expense of 0.  If I put the every year amount of 1,804 I get 2021 estimated expense of 35,404.  I am confused.

[k4lk]

I figured it out.  I'm so talented.  Later.