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I own my 2-family home. I use half as a business, as a (legal) Bed and Breakfast. Can I take commercial real estate depreciation?

Forum|Forum|6 years ago
June 1, 2019
12 replies
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When I rented out the apartment, I think turbotax prompted me to list real estate depreciation, but not now that I run it as a business.

TurboTax Self Employed Online

Best answer by TaxGuyBill

Because you changed it directly from a rental to a Business, use the original "placed in service" date when you first used it as a rental. Then enter the proper Basis and "prior depreciation" from the rental. Do the same thing for any any other "assets" (furnace, roof, furniture, etc.),

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TaxGuyBill

If the amount is showing up on Line 13, there isn't a need to manually do anything, it is already correct.

If you print (or make a PDF) of ALL worksheets, the "Depreciation and Amortization Worksheet" should be there. However, that is only for your reference; it is not filed with your amend tax return.

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TaxGuyBillAnswer

Because you changed it directly from a rental to a Business, use the original "placed in service" date when you first used it as a rental. Then enter the proper Basis and "prior depreciation" from the rental. Do the same thing for any any other "assets" (furnace, roof, furniture, etc.),