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    paddingon613's Avatar
    paddingon613 Posts: 1, Reputation: 1
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    #1

    Oct 13, 2008, 05:26 AM
    Depreciation of Rental Property in CA Tax Return
    I am using TurboTax Online to prepare my taxes and I live in California. I own a share in a rental property overseas.

    I entered depreciation in my federal return, but now I'm doing the California return, and it's saying that I can't use the same method of depreciation for the property. I inherited my share in 1984 and it was worth $37,500 at the time. I need to enter:

    1. The method of depreciation used (options are: 200DB/150DB/SL/PRE/ALT/125DB)

    2. The Recovery Period

    3. The Asset Type - (options are: (no entry)/Real property/Leased Personal Property).

    I have no idea how to answer these (I think for number 3 it should be "Real Property"?) - I'm not sure if (no entry) is an option that I can select.

    I really appreciate your help - I was planning to call the FTB Monday morning, but then I realized it was Columbus Day, and after Monday early evening, I'm not going to be available to deal with any of this until Thursday, at which point I will have gone over the extension period. So I absolutely have to file on Monday.

    Thanks so much!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 13, 2008, 08:48 AM
    Your situation SCREAMS for professional tax help.

    IntlTax noted earlier that overseas property must be depreciated straightline over 40 years.

    So:

    1) SL

    2) 40 years

    3) Real property
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