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!?
You'll need to sign in or create an account to connect with an expert.
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.
@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!
The date placed in service is generally the date you make the property ready and available for rental use.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
PeehPooh17
New Member
Squishpea123
New Member
LegacyGurl15
New Member
bhaktatejas1997
New Member
kaltorak
Returning Member