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For several years I have rented part of my home on airbnb. I…

Second opinion] For several...

Second opinion] For several years I have rented part of my home on airbnb. I could always deduct depreciation and have made a small loss each year. This year depreciation is not applied and it says I have 0 income, not a loss like before. Has something changed?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I tried both Turbotax and Free tax usa. Same outcome.

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Answered in 1 hour by:
3/13/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,138
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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Depreciation for a rental property is deducted equally over 27.5 years, which is the deemed useful life of the property.

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If you have rented your home for less than 27.5 years and you made less than $150,000 then you are still able to deduct depreciation.

Please give me more information so I can assist you further in trouble shooting your question.

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Customer reply replied 1 month ago
I understand that, but both online tax prep services are calculating the depreciation but then not including it in the rental results. They show income on the rental as 0. Why not a loss as in previous years?
Customer reply replied 1 month ago
I don't understand why this has happened. My income is well below the $150000.

Sounds like your depreciation expenses isn't carrying over to line 18 of Schedule E

Line 18 - Depreciation expense or depletion

https://www.irs.gov/pub/irs-pdf/f1040se.pdf

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Customer reply replied 1 month ago
that's right. Can I enter it directly into schedule E?

I would. Then I would double check the return before you submit it.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,138
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
OK thanks

As you know, the depreciation amount will be the same every year.

Glad I could assist you.

Have a great day!

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Category: Tax
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