Rental not remembering depreciation info that should be carried over

Forum|Forum|1 year ago
February 22, 2025
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I rented out my condo in 2022 and 2023 and took it out of service on 12/1/23 in order to sell it. I never sold it and put it back in service on 2/28/24. In turbotax, it remembers the expense info I put in for 2023, but for the asset it doesn't remember anything related to this property and the accumulated depreciation. It lists the condo as my asset and when I click on the asset it has me describe the asset and enter the cost, cost of the land, date purchased, etc. Why isn't it remembering this?

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Best answer by AnnetteB6

That is the key. If you indicated on your 2023 return that the condo was no longer used as a rental property, then there is no reason for the information to be carried over to the 2024 return.

There is no quick and easy solution to getting it to carry over from 2023 to 2024. Re-entering the information is your best option, especially if you are using TurboTax Online.

If you are using TurboTax desktop, you may be able to create a copy of your 2023 tax return (leave the original one intact). Then edit the copy to change the information stating the property was sold. Then import the copy into your 2024 tax return. However, if you've already put some work into your 2024 return, you would be starting from scratch. Therefore, just entering the depreciation information again may be the most time effective solution.

@gregbe2000

gregbe2000Author

I looked at my 4562 from 2023 and is it possible that there is no option for carrying over the depreciation of a property if you've temporarily taken it out of service? I think it coded it as "Sold" and therefore is not remembering the depreciation info. If this is the case, seems like it would be a common problem - so hoping there's a solution other than trying to make everything match up manually.

AnnetteB6Answer

That is the key. If you indicated on your 2023 return that the condo was no longer used as a rental property, then there is no reason for the information to be carried over to the 2024 return.

There is no quick and easy solution to getting it to carry over from 2023 to 2024. Re-entering the information is your best option, especially if you are using TurboTax Online.

@gregbe2000

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