2022 - Unable to set foreign rental property with a 40 year depreciation

[MangoTango]

Used different software n prior years, and given its a foreign rental property, have ben using a 40-year depreciation. But I cant find that option in Turbotax online for 2022. It defaults to 27.5 years even after having specified it as a foreign address. Any other place that I may have missed telling turbo tax its a foreign rental property?

[Critter-3]

Using the ADS 40 yr option is unusual so you have to "force" it in the TT program ... follow these screens (not all screens are posted ... just the key places) ... go back and edit the asset and make these changes for the property ... do not include the land value instead make the land a separate entry since it is not depreciated ...

[Critter-3]

Land is entered in the regular residential pathway ...

[deafmgecko]

Hello, I want to bring this up for my 2023 tax return (file married jointly).  I just married last fall and moved to Brazil.  Anyway, my wife rents a house and an apartment in Brazil.  They don't show any land value on both properties.  Her apartment is on third floor of building.  Should I leave blank on land value?  

Also, Brazil doesn't have HUD statements like US has.  Just leave all blanks on HUD statement on TurboTax page such as title insurance, etc.?

[Carl]

@MangoTango just FYI, but foreign rental property place in service in 2018 and after is depreciated over 30 years. Whereas foreign rental property placed in service prior to 2018 is depreciated over 40 years. I assume your rental property was placed in service before 2018.

In last year's tax return, look at the form 4562 that prints in landscape format, titled "Depreciation and Amortization Report" to get the total depreciation already taken. Remember, you have to add together the amounts in the prior years depr. column and the current year depr. column, to get the total taken prior to 2023.

Also, if you have any suspended carry over losses from 2022, those will be on the IRS Form 4797 from that year's return.