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March 20, 2020
Question

I am not showing a depreciation expense or depletion amount on my schedule E.Did I do something wrong?

  • March 20, 2020
  • 3 replies
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3 replies

Carl11_2
Employee
March 20, 2020

Rental property is depreciated.  Royalty property is depleted. Which do you have? It matters.

ALso, did you purchase, acquire or convert this property to rental property in 2019? (Assuming you have rental property, and not royalty property)

 

 

jsan5769Author
March 23, 2020

I do not find where to have turbo tax calculete the depreciation of my rental ...

March 23, 2020

To depreciate your rental house, you must first enter the house as an asset.  To do this, please follow these steps:

 

  1. Click on Federal  > Wages & Income 
  2. In the Rentals, Royalties and Farm Royalties section click on the Start/Update box next to Rental Properties and Royalties (Sch E). 
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already started adding information about your  rental, you will come to the Rental and Royalty Summary screen.  Click on Add Another Rental or Royalty. 
  5. Continue through the screens, entering the requested information.
  6. You will come to the screen, Review Your [property address] Rental Summary. 
  7. Click on Start/Update in the Assets/Depreciation section.  Continue through the screens to enter the information on the property and TurboTax will calculate the depreciation  for you..
  8. When you have finished entering the income, you will be brought back to the Review Your [property address] Rental Summary so you can enter other categories such as expenses, vehicle expenses, depreciation, etc.
March 20, 2020

If you have Rental Income reported on Schedule E, set up the property in the Property Profile and Assets/Depreciation sections to have depreciation calculated for you.

 

If you have Royalty Income reported on Schedule E, your Depletion is calculated for you when you enter your 1099-Misc (screenshot).

 

jsan5769Author
March 23, 2020

I have a rental but I don't see where to have Turbo Tx calculate the depreciation for me...