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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Foreign Rental Real Estate Depreciation
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Joel V
Level 3
09-28-2023
02:41 PM
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My client has foreign rental real estate. I have put in the asset on the entry asset worksheet. I know foreign rental real estate is not depreciated at 27.5 years, but rather 40, or now 30 I suppose with the TCJA. I cannot figure out how to change the method to 30 years or even 40 which I'll use if I need to. I selected "I" for type of asset which shows "27.5/40" but I cannot figure out how to get the system to do 40. Any assistance would be appreciated.
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TaxGuyBill
Level 15
09-28-2023
02:53 PM
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On the Asset Entry Worksheet, scroll WAY down to the bottom.
For the "Depreciation method", change it to "Alternate method" (ALT).
