Question

Rental property depreciation

Forum|Forum|1 year ago
September 25, 2024
2 replies
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I purchased a home in 2005 that was used as my primary residence. In 2011 I converted it to a rental property. I think IRS depreciates the rental property over 27.5 years. Where can I see how much depreciation has been applied from 2011 to 2024 and how much is remaining that will be applied each year in future tax returns?

Thanks,

Amit

F

FranklinF

The Depreciation Report.

I will like to address two things nonetheless:
1. If you switched softwares throughout the years you may not have an accurate tracking of the depreciation, and for that matter, carry forward credits, losses, etc.

2. If you are using an online version of TurboTax, you will not be able to see the depreciation report until you have finished the process of preparing your tax return (including payment for the service).

3. With the TurboTax Desktop Version, you can see the Depreciation Report at any time.

4. Lastly, should you find out that the depreciation schedule has inconsistencies, this problem can be corrected by using IRS Form 3115 ( (Application for Change in Accounting Method), but, at this point, I will strongly encourage you to seek assistance from a Seasoned Tax Professional.
About Form 3115, Application for Change in Accounting Method

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A

amitr999Author

I only used Turbotax online for 10+ years

P

pk12_2

Employee

@amitr999 , Surely you printed and saved the whole return or at least the filing copies. If so look through your records, you should see a " depreciation Schedule" -- this will show the starting and year by year of the depreciation claimed/ allowable.

If you did not save the whole copy just the filing copy, then look at your Schedule-E, just below the list of expenses -- you will see Depreciation claimed.

If you none of the above, then you can go into TubroTax, say you have rental property ( under business income tab ) and start a rental income -- this will ask you the total cost of the asset, the land cost, when property bought, when property put in service etc. and it will then create a Depreciation schedule -- print this and you will see your yearly amount and also the accumulated depreciation plus future depreciation.

If you need more help, then I will have to page another expert ( because I am not familiar with the on-line product.). Please let me know

pk

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pk12_2

Employee

@amitr999 , Namaste ji

(a) How did you prepare your tax return for all these years while the house was being rented out ? I ask because if you used any tax software, these usually while filling out Schedule-E will include the depreciation as part of the filing, including a work sheet that shows the accumulated distribution.

(b) If you did it by hand and did not include the effects of depreciation then this is going to be messy -- because depreciation ( while giving you benefit right now, also reduces your basis in the property.

Without knowing what and how you prepared your past returns it is impossible to guide you.

Please provide the data required/asked for . If you feel that this is not of general interest , you can PM me with the details. ( jus NO personally Identifiable Information , please ).

Namaste ji

pk