Problem:
We have entered ADS Straight Line 30 years for the property placed in service in Feb. 2021. Based on the IRS table, the depreciation = 2.926% x $306,250 = $8,961
However, Gosystem result is $9,358, not based on the IRS table. Please advise how to fix it.
Solution:
The straight-line method from the dropdown will not use the ‘residential rental property’ table and will instead use a regular straight-line method. Presently, the only method that will use Table A-13 is the ’27.5 MACRS SL Residential Real Property’ with a life of 30 entered. If you have an asset that falls into this category, we would have to recommend using this method selection at this time.