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Updated about 9 years ago on . Most recent reply

User Stats

17
Posts
1
Votes
Ivan M.
  • Fort Mill, SC
1
Votes |
17
Posts

Turbotax and Depreciating One Rental - Weird

Ivan M.
  • Fort Mill, SC
Posted

Why does Turbotax create TWO entries under "Your Property Assets" for the same property? This creates two line items for depreciation which "seems" incorrect. The one entry turbotax creates appears to be exactly what I come up with using an external depreciation calculator. The other line item is about about 500 dollars more in depreciation. One entry is labeled what I called it while the other entry is labeled Residential which Turbotax made up. The placed in service date is the same for both line items. 

Does anyone have any experience with this? Any help would be greatly appreciated. I would hate to have to turn this over to a CPA for this one lone issue. I posted on another thread that I thought i may have to amend last years return as that's where I now see this two line item depreciation issue while doing this years taxes Last year was first year it was rented too. Thanks!

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