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

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

Rental property depreciation

I converted my residence to rental property.  TT says on one screen that I can depreciate over 27.5 years but the calculation on the following screen is uses 30 years. Also, TT keeps using the higher market value at conversion date rather than lower cost basis for determining depreciation basis, which I don't think is correct.

Connect with an expert
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.

1 Reply
JamesG1
Employee Tax Expert

Rental property depreciation

When I create the asset, I choose Residential Rental Real Estate, and both TurboTax Online and TurboTax Desktop selects 27.5 years to depreciate.

 

 

In addition, the two costs for the cost basis for property converted to business use are not entered into the software.

 

 

Are you using another version of TurboTax?  Please clarify.

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies