Depreciation on a rental property did not transfer from my 2019 turbo tax return to my 2020 return

Forum|Forum|5 years ago
March 13, 2021
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HelenC12

Please see the following TurboTax FAQ: How do I fix my Rental Properties and Royalties (Sch E) to file my 2020 return?

On your rentals, depreciation (also called capitalization, cost recovery, or amortization) lets you deduct the "used up" portion of an asset's cost every year, until the asset no longer retains any value or has been sold, destroyed, or otherwise disposed of.

The concept of depreciation is based on the notion that business assets eventually wear out, get used up, or become obsolete.

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kdf711

This comment does not answer the question as to why depreciation did not transfer from my 2019 to my 2020 return. If there is a software issue please fix it now!

Carl11_2

Employee

There has been issues with this. However, it should not affect your current year depreciation taken.

One thing you can do is to delete the asset and re-enter it anew using the original acquisition date, in service date, and cost basis. The program will then figure the prior year's depreciation already taken (so you get that depreciation history back) and this works just fine "PROVIDED" the percentage of business use did not change in any year since the asset was originally placed in service.