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turbocoz1
New Member

Inherited the remainder property we already claim depreciation for on our portion. How do you report that additional portion's stepped up depreciation in TurboTax?

We have 2 service dates, 2 depreciation amounts, and 2 depreciation years, the depreciations of which combine and enter on Sch E.  How is that entered in TuroTax?
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Hal_Al
Level 15

Inherited the remainder property we already claim depreciation for on our portion. How do you report that additional portion's stepped up depreciation in TurboTax?

Enter the "remainder property" as a separate asset and start depreciating.  This is your first year for depreciating that asset. You do not change the depreciation schedule for your original property.

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1 Reply
Hal_Al
Level 15

Inherited the remainder property we already claim depreciation for on our portion. How do you report that additional portion's stepped up depreciation in TurboTax?

Enter the "remainder property" as a separate asset and start depreciating.  This is your first year for depreciating that asset. You do not change the depreciation schedule for your original property.

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