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cost segregation study

I had a cost segregation study performed on a rental property I bought this year. 2022.  The results give totals for 5 year, 7 year, 15 year, and real property.  It lumps the 5 year, 7 year, and 15 year assets into a total to be taken as bonus depreciation.  Do I need to create four separate assets (5 year, 7 year, 15 year, and real property) in Turbotax or can I create just two (the total for bonus depreciation and one for real property).  It appears that in order to get the "special depreciation" entry option I must chose the assets to be "Qualified improvement property".  Is that correct?  Since California does not allow special depreciation, I'm thinking separate assets might be wise since that will allow the different depreciation terms to be specified for each asset.

Also, how do I assign the length in years for the depreciation?  And how do I specify the depreciation method other than straight line, such as 200DB?  I cannot find these choices in Turbotax.

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1 Reply

cost segregation study

becuase of CA you have to enter each class separately

 

 

choose land improvements for 15 year property

then Tutbotax will ask some additional questions until you come to the question about special depreciation.

make your selection. Turbotax will optimize the depreciation method and life so there's nothing to choose. the same is true for the other classes

then add another asset after finishing with one class and entering the next

appliances carpet furniture is 5 years and the following questions may differ from above

tools machinery etc is 7 year

 

 

 

 

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