A person did some extensive remodeling on a residential rental property at the cost of $45,000.00, how is that $45,000.00 depreciated, using ProSeries Basic?
What is the cost basis, exclusive of land, of this rental? And what is the $45000 as a percentage of that cost basis?
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If you add this asset through Asset Entry Worksheet it will automatically flow to the Form 4562 where it will show in Part III Section B and the depreciation for the rental will be in Part III Section A. All depreciation for the rental should be on the same Form 4562