turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

Impossible to select correct Home Depreciation Type

I own a home in a foreign country. In my previous Tax Returns, my accountant used ACRS-40 as a Depreciation Type. I am using Turbo Tax Premier and regardless of what I select, I cannot use ACRS-40 it looks like. The property was declared as foreign in all the place it requested this type of information.

 

What to do!? 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MarilynG1
Expert Alumni

Impossible to select correct Home Depreciation Type

If you own a Foreign Rental Property, depreciation is 30 years if placed into service after 2017.  

 

If placed into service before 2017, depreciation is 40 years.

 

This is entered in the Rental Asset section.

 

In FORMS mode, on the Asset Entry Worksheet, select 'ALT' on Line 47, Depreciation Method.

 

Here's more info on Foreign Rental Depreciation.

 

@taxdumb1 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Impossible to select correct Home Depreciation Type

@MarilynG1 Thank you for your answer!

 

Last year's accountant used ACRS-40; accountant the year before, they used ADS-30. So did they both completely messed up? 

I purchased the property on 09/01/2018 and starting using it for rental income on 03/01/2020. Does that mean my "placed in service" date is 03/01/2020?

Thank you again!

LeticiaF1
Expert Alumni

Impossible to select correct Home Depreciation Type

The date placed in service is generally the date you make the property ready and available for rental use.

 

@taxdumb1 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies