depreciation a new roof on a rental property

jimfurfaro56 · ‎January 9, 2024

I read the help information on depreciating a new roof for a rental property. I had no problem doing it with turbotax, premier edition. However, I am confused. The cost of the roof was $15000. I checked and turbotax depreciated it over 27.5 years. I calculated the amount to be 15000/27.5 = $545.45. Turbotax gave me a value of $295. Why? Thanks. Jim

Anonymous_ · ‎January 9, 2024

First year depreciation deduction would be a partial year, not the full year deduction.

When did you place the roof into service (i.e., completed construction)?

Residential real estate uses a recovery period of 27.5 years and the mid-month convention. For example, if the roof had been finished on April 4th, then it would be treated as having been placed in service on April 15th.

View solution in original post

Anonymous_ · ‎January 9, 2024

First year depreciation deduction would be a partial year, not the full year deduction.

When did you place the roof into service (i.e., completed construction)?

Residential real estate uses a recovery period of 27.5 years and the mid-month convention. For example, if the roof had been finished on April 4th, then it would be treated as having been placed in service on April 15th.