I'm using TurboTax Business and filing a Form 1065. Where in Turbo Tax does one enter the information for 15-year depreciation of property, which includes cost of improvements like flooring, bathroom upgrades, etc.?
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@appicrusone You should probably contact your accountant and inquire as to why he/she used that particular method and class life (and also how the improvements were entered - and note that the TCJA changed the law with respect to certain improvements made after 12/31/2017).
If the improvements were for rental property, then enter them in the Rental Real Estate Expenses section.
If the improvements were for business property, enter them in the Business Asset section (Federal Taxes>>Deductions - Depreciation of Assets).
Thank you tagteam, but I still am not sure exactly where to enter the info, so let me expand on the details of my question.
I made improvements to rental property, which involved new flooring, new bathroom cabinets, new bathroom toilets, upgraded the baths with new wall tile and floor tile, new shower fixtures, new shower door, new bathroom sinks and faucets, new light fixtures etc. My accountant did my taxes last year but he did not use TurboTax. He depreciated them using the 15-year HY method.
So, I'm now looking for where in TurboTax do I enter the initial value of the improvements, as well as where in TurboTax do I claim the depreciation this year.
Not sure if FEDERAL TAXES -> Rental Real Estate -> "Add Another Rental Asset" is the right place. If so, none of the 4 options in "Describe This Asset" seem to fit.
Thanks again!
A little more information...
I entered the value of the Improvements in FEDERAL TAXES -> Rental Real Estate -> "Add Another Rental Asset".
From there I tried each of the first three options in the "Describe This Asset" page, but none of them resulted in 15-year depreciation (they were either 7-year or 2-year). The fourth option "Vehicles" clearly is not the correct option. So, no luck there...
@appicrusone You should probably contact your accountant and inquire as to why he/she used that particular method and class life (and also how the improvements were entered - and note that the TCJA changed the law with respect to certain improvements made after 12/31/2017).
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