Depreciation

Forum|Forum|2 years ago
March 15, 2024
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Turbo Tax states it calculates depreciation on a rental home. Turbo tax program has indeed done this calculation on my tax return for the past 6 plus years. No depreciation is calculating on my return this year. Please explain why not and inform me what to do to accurately complete my return.

mglauner

Since we can't see your return in this forum, I would suggest that you make sure that your Rental Property is shown correctly in the Assets/Depreciation section. If the rental property isn't there, you'll need to add it again, with the original Cost Basis and Date of Service, so TurboTax can calculate your 2023 depreciation and going forward.

If you transferred in your 2022 return, it's possible there was an error.

Also check the Property Profile section, to be sure that info is correct and has transferred over.

Here's more info on Form 4562, Depreciation.