Stessa: How do I record home depreciation

[Aidan Mulligan]

I use stessa to track my transactions both incoming and outgoing. At the end of the year there is the option to download a tax report that includes and income statement, net cash flow, and capital expenditures. I can't seem to figure out how to include the home depreciation in those numbers so that my tax amounts are correct. Please help.

[Basit Siddiqi]

@Aidan Mulligan

Depreciation expense is normally not calculated by the accounting software that you use, Stessa in this case.

Depreciation is normally calculated based on the MACRS life and the basis for the building.
I assume we are talking about a building, in this case, it would be depreciated over 27.5 years.

The reason the accounting software will not calculate it is because 
A) they do not know when you put the property into service
B) They do not know the MACRS class life
C) There are multiple ways to determine the breakout of building vs land for depreciation purposes

If you are working with an accounting, he should be able to calculate your depreciation expense.