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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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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).
