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buddychan
Level 2
June 5, 2019
Solved

Why isn't my rental property purchase in state of WA last year being depreciated? Turbo Tax shows as 0 depreciation for the next 27 1/2 years?

  • June 5, 2019
  • 7 replies
  • 61 views
I purchased the condo for $155K on Oct. 1, 2017 and it was already rented out by the previous owner.  I did not leave there and I did not spend any money remodeling.
Best answer by

You would need to go through the entire Rental Section to set up the details for your property. Under the Sale/Depreciation section you will enter information regarding the depreciation. (See the attached screenshots below. Click to enlarge.)

7 replies

A
Anonymous
Answer
June 5, 2019

You would need to go through the entire Rental Section to set up the details for your property. Under the Sale/Depreciation section you will enter information regarding the depreciation. (See the attached screenshots below. Click to enlarge.)

B
buddychanAuthor
Level 2
June 5, 2019
Thanks but I am not seeing those screenshots.  I will take another look when I get home
M
mgreenup79
Level 2
June 5, 2019

Property typically doesn't depreciate because it doesn't lose value over time. (Housing bubble excepted)

B
buddychanAuthor
Level 2
June 5, 2019
<a rel="nofollow" target="_blank" href="https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp">https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp</a>

This article states it does and my friend told me it does.
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