Entering depreciation information from another software into ProSeries.

[pacoford]

I have acquired a new client with multiple depreciable assets. I have been transferring the information from the prior tax year (2023), which I believe was generated in Lacerte. The asset is a personal residence being deducted on schedule F, depreciated over a period of 39 years with the SL method. My problem is I haven't been able to select a type of asset that specifies residential. The "other" asset type does not offer a recovery period of 39 years. The closest option that offers 39 years is non-residential rental real estate. Residential rental real estate only offers 27.5 years...and it is NOT rental.  Does anyone have a suggestion? 

[IRonMaN]

If the property is being used in a business, it isn't residential.

As a side note, since you said it is a personal residence, why are you depreciating it?  Or are you only depreciating a portion of it for business use?

[abctax55]

Schedule F indicates - being used for business.... 

That is then business property so 39 years is correct.

IF it's being rented out, but not being used on the FARM it goes on Sch E and is residential rental so 27.5 years would be used.

If I had $ 10 for every time I've seen OIH depreciation using 27.5 instead of 39 years  (yeah, it's a house, but it's used for *business*.... I'd buy a used Delorean.

[abctax55]

Maybe some bones & vertebrae to provide details as to how the 'house' is being used on the farm would help? 

[IRonMaN]

Someone has been reading about the Intuit remake of the What About Bob movie.

[abctax55]

Nope, not me 😉