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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4184
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I was going thru my taxes and residential rental property my

Customer Question

Hi, I was going thru my taxes and for my residential rental property my accountant started depreciating it using the MARCS deprecation. After the initial year I noticed that the amount of depreciation went on line item 16(Special Depreciation Allowance) using the SL MM method. I just want to make sure this is not an error as it seems this should be reported on line item 17?
Submitted: 11 months ago.
Category: Tax
Expert:  PDtax replied 11 months ago.

Hi from just answer. I'm PDtax. I'll assist.

Customer: replied 11 months ago.
Great. Please let me know.
Expert:  PDtax replied 11 months ago.

I would expect line 17 reporting as well.

Real property is 27.5 year property, macrs. Check the amount of depreciation claimed. I suspect it is correct, just on the wrong line.

Thanks for asking at just answer. Positive feedback is appreciated when you accept my response. I'm PDtax.

Customer: replied 11 months ago.
The amount is correct just the wrong line item. Can line 16 be used for this as well?
Expert:  PDtax replied 11 months ago.

I think it is because the preparer classified the depreciation as straight line mid month. That is not how macrs 27.5 mid month is typically reported. But I suspect the amount claimed is the same.

Let me check something. One moment...

Expert:  PDtax replied 11 months ago.

Line 16 is for non macrs property. It should be changed.

Verify your 2014 reported depreciation was macrs. 2015 should be too.

Expert:  PDtax replied 11 months ago.

Hi again. PDtax here, just following up.

If this answers your questions, please accept my answer and rate my assistance. Those actions close out your question and credit me with assistance. Thanks.