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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4677
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: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

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

Customer: replied 1 year ago.
Great. Please let me know.
Expert:  PDtax replied 1 year 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 1 year ago.
The amount is correct just the wrong line item. Can line 16 be used for this as well?
Expert:  PDtax replied 1 year 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 1 year 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 1 year 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.