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re: Tax Prep Software
Posted on 1/22/14 at 6:30 pm to CubsFanBudMan
Posted on 1/22/14 at 6:30 pm to CubsFanBudMan
quote:I have not used TaxSlayer, but I can't believe it doesn't allow for 27.5 year recovery for residential real estate assets. That has been the required useful life for such assets placed in service after December 31, 1986. I seriously doubt TaxSlayer has been calculating depreciation incorrectly. Their software must pass an IRS validation every year.
I've been playing around with it a little, and only issue I've run into so far is that I was previously depreciating my rental property with a life of 27.5. TaxSlayer didn't like it, so I rounded it up to 28.
1
Posted on 1/23/14 at 9:27 am to Poodlebrain
For depreciation method it has "MACRS 27.5 YR", but in the "Useful life" field, it does not allow your to put 27.5. It does use 27.5 though, so I guess the useful life field is only needed when selecting a depreciation method that does not have the life included in it.
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