Question

TurboTax incorrectly changed the depreciation value of an asset carried over from a prior year. How can I revert this change?

Forum|Forum|3 years ago
February 21, 2023
1 reply
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I clicked edit on a depreciating rental property to review what was imported/carried over from the prior year. Without making any changes, the depreciation value was updated and does not seem to be correctly calculated anymore. How can I revert this change or re-import the data from last year's tax return?

TurboTax Premier Online

Basis of a depreciable rental asset does not change.

Depreciable basis may adjust if Section 179 or Special Depreciation was used in a prior year.

Prior Depreciation would be updated year after year to include (add) the depreciation expensed the previous year.

You should have Form 4562 in your tax files and you can look at these from prior years to see if adjustments were needed.

You can also go to the rental property,

Review your rental information

Select Edit for the property

Scroll down to "Assets/ Depreciation" and click Start or Update

Go to asset summary

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