Past year depreciation for Canada rental

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Nishant
Posts: 78
Joined: Sun Sep 06, 2009 10:15 am

Past year depreciation for Canada rental

Post by Nishant »

Turbotax automatically calculates past year depreciation for Canada rental property during which we were residents of Canada.

Does IRS allow past year depreciation or do we have manually change to zero if not allowed?
nelsona
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Post by nelsona »

What do you mean by "past year"? Do you mean all previous years you owned the proporty? What does it use the figure for?
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Nishant
Posts: 78
Joined: Sun Sep 06, 2009 10:15 am

Post by Nishant »

Turbotax says
"We've calculated the amount of prior depreciation that was allowed by law, based on the information you've entered.

This amount is correct as long as your business use percentage was the same every year and you did not take a section 179 deduction or any special depreciation allowance"

Is it allowed to claim prior depreciation or it needs to be changed to zero?
nelsona
Posts: 18678
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

I would not worry about it. You are only claiming depreciation for this year, and the prior stuff affects your cuurent depreciation marginally.
Just use the fugure from ttax.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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