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- Where do I enter reduction in basis of a depreciable asset for a rental property?
Where do I enter reduction in basis of a depreciable asset for a rental property?
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davetodd11
Level 5
04-22-2022
03:05 PM
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I'm taking over a client's return, and last year's depreciation report has a $2,250 asset showing with a $1,125 "reduction in basis" and a Basis for Depreciation of $1,125. I don't see anywhere on the Schedule E worksheet to specifically indicate the reduction in basis amount. Is the proper way to record this simply to enter the Basis for Depreciation amount in the Cost or Basis block, instead of the actual $2,250 cost?
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TaxGuyBill
Level 15
04-22-2022
03:22 PM
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I think you would first need to find out more about what is going on.
Was the asset "placed in service" before 2018? If so, my GUESS is that is just a weird way of showing they took the 50% Special Depreciation Allowance.
If that doesn't seem like it would apply, it may help if you tell us when it was "placed in service", and exactly what the asset is and what the asset is used for.
karen87120
Level 1
04-09-2023
08:34 PM
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I'm having this same issue. Did you find a resolution?
