Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
VJD
New Member

What is an Arizona depreciation adjustment for Property sold?

 
3 Replies
MiriamF
New Member

What is an Arizona depreciation adjustment for Property sold?

When you sell a rental or business property, including a home for which you took a deduction for a home office, you incur depreciation, whether you claimed it or not.

Arizona has its own depreciation schedule. Those rules have changed over the last 5 years. The depreciation adjustment changes the depreciation from the federal form to conform to the Arizona values.

Click on the screenshot below for an explanation of changes in depreciation from the Arizona instructions.


AZ-Taxes
Level 2

What is an Arizona depreciation adjustment for Property sold?

Here is a question for the expert? Just like the IRS, Arizona considering crypto a property. Do cryptocurrency losses fall into this category in Arizona? For example, if an Arizona resident has crypto losses of $10,000 from the year 2022, does that mean the person can add the $10,000 under the Arizona Depreciation Adjustment for Property Sold?

JulieS
Employee Tax Expert

What is an Arizona depreciation adjustment for Property sold?

No, you can't depreciate crypto losses. 

 

You aren't understanding what is meant by Arizona depreciation adjustment for Property sold. This adjustment is to reconcile the difference between federal depreciation and Arizona depreciation. 

 

It in no way gives you the right claim depreciation because you have a loss.  

**Join us for our "All about the refund" event, sign up here

**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~