Where do I find my asset depreciation report?

Forum|Forum|5 years ago
July 25, 2020
2 replies
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I'm selling rental property in 2020 and need to calculate estimated taxes based on this asset report.

TurboTax Premier Online

Best answer by Anonymous_

In TurboTax, the form is entitled Depreciation and Amortization Report (see screenshots below from the desktop version of Home & Business).

The form should be in your PDF if you saved your return, including filed forms and worksheets.

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Anonymous_Answer

Employee

In TurboTax, the form is entitled Depreciation and Amortization Report (see screenshots below from the desktop version of Home & Business).

The form should be in your PDF if you saved your return, including filed forms and worksheets.

1.png2.png

Carl11_2

Employee

Just to elaborate on @Anonymous_ 's response.

You need to save your tax return in PDF format. Save "EVERYTHING". Not just the forms required for filing, or the forms for your records.

In that PDF document you will find two IRS Form 4562's that pertain to that specific rental property. They both print in landscape format. One is titled "Depreciation and Amortization Report" and is most likely the one you need. The other is titled "Alternative Minimum Tax Depreciation" and will probable have all zeros for depreciation taken.

Remember, you have to add together the amounts in the "prior year depr" column and "current year depr" column to get the total amount of depreciation taken up to Dec 31, 2019. So if you sell the property in 2020 you'll want to add another year's depreciation to that total to account for the period of time in 2020 you will still own the property. That will help you achieve a rough estimate of your actual tax liability on any gain on the sale, as well as the depreciation recapture.

dachristianman

I have searched exhaustively for that report and I cannot find it. I do not recall seeing anything that lists "save everything." So now that I'm trying to resolve this, I cannot find a way to access that information nor can I find a way to retrieve it from TurboTax. Seems to me that they would have a way to contact them to get it, but unless you pay the extra money for live assistance, I guess you're on your own. Sure would be better customer service if they made it available. If anyone knows of a way to get it besides the prior comments (which didn't work for me), future users would be helped.

AnnetteB6

When you go to the option to print your return or save to a PDF, choose the option that says 'tax return, all calculation worksheets'. This option includes 'everything'. Your depreciation report in table format should be included.

@dachristianman

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