Question

Calculating Depreciation & Amortization for sale of investment rental

Forum|Forum|6 years ago
March 28, 2020
1 reply
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1031 Exchange, calculating basis and need to determine the total amount of depreciation from the past 15 years.

What would be the cleanest way to calculate?
Each year has been recorded through TurboTax if that would help.

Critter

Employee

Just look at the most current depreciation worksheet for all the info you need.

P

pixelrogue1Author

(depreciation & amortization)

I am looking at form 4562 Depreciation & Amortization Worksheet, right? If yes, then it appears line 22 is the number I am looking to use?

Had the property for many years, where the depreciation has fizzled to very low numbers, and I would expect (only based on a guess, not based on knowledge) the amortization to be a bit higher?

4562 only has a little data on the form.

The only lines w/data are 1, 3, 17/23, 43 & 44.

Critter

Employee

OK ... in the program ... you will indicate you sold the asset and if the program has your prior year info it should be completing the sale automatically for you ... if not review the depreciation (amortization is not in the picture) worksheet to see the total depreciation taken until the sale happened. Do NOT take the figure from the current year 4562.