Question

carryover losses and depreciation

Forum|Forum|3 years ago
February 7, 2023
1 reply
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Usually you import LAST YEAR'S TT file. Last TT file completed was 2020. 2021 was skipped TT. There is a however, a hardcopy document for 2021. So when starting 2022 files, have to start brand new since cannot import 2021 TT file (since there is no 2021 TT file, only 2020 TT file). Have to start from scratch.

How do I capture carry forward losses and depreciation if there is no 2021 TT file?

Is there an easy way to manually transfer them from 2021 hardcopy to 2022 TT file (assuming you are not accounting background)?

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ThomasM125

As far as depreciation is concerned, you can add the assets and when you answer the questions regarding cost, date put into service, bonus or section 179 depreciation taken, etc. TurboTax will calculate the correct depreciation deduction for the current year and going forward. I'm not sure what kind of loss carryovers you have, but as you work through the program you will see options to enter your loss carryovers by type. For instance, when go through the qualified business income deduction (QBI) section, you will be asked to enter any QBI loss carryover you have from the previous year.

To transfer other information from the previous year, you just need to go through the sections in TurboTax that pertain to the information you need to enter and answer the questions.

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J

jyeh74Author

Most of the carried over losses have to do with home office expenses and percentage of upgrades to house attributed to home office. Not sure where/what form and what line, that would be found to manually put that.

In regards to rental property depreciation, if you skipped one turbo tax year in 2021, you still have to manually enter it from the hard copy document? Is that found in the 2022 schedule E section?

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ThomasM125

The home office loss carryover would have to be entered directly on form 8829 on line 25 as you can see here:

When you go through the rental income section in TurboTax you will see an option to enter your rental house and furniture and equipment. You woud enter it as you did originally, just enter the date put into service, which will be in prior years, and TurboTax will do the rest.

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