I'm not seeing how Line 17 was previously calculated and since TurboTax is making me manually enter my Schedule E and Form 4562 this year, I'm unable to find out how the MACRS was figured out on last years' form.
Check your Asset Entry to be sure it is correct.
Click this link for more info on Depreciation Not Calculating.
A residential rental property has a MACRS depreciation of 27.5 years.
This article give info on Depreciating Business Assets for other types of assets.
Check your Asset Entry to be sure it is correct.
Click this link for more info on Depreciation Not Calculating.
A residential rental property has a MACRS depreciation of 27.5 years.
This article give info on Depreciating Business Assets for other types of assets.
Thanks for the reply! I was able to pull up the exact details of previous returns by pretending I needed to amend a return. Hopefully TurboTax will transfer information like that over automatically so I don't have to do that for the remaining 27.5 years of depreciation...