How can I enter the depreciation on a rent house? Turbo Tax is not showing it although I have used Turbo Tax previous years. I have already paid for but not sent forms.

Forum|Forum|3 years ago
March 10, 2023
2 replies
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I have three houses. Two of them show depreciation but one doesn't. Bought the same time. How can I enter this info. after having paid Turbo Tax?

TurboTax Premier Online

GeorgeM777

Sign back into your TurboTax account. Then go to the Wages & Income section and scroll down the screen to Rental Properties and Royalties. Select Start or Update and continue through the application until you get to the Rental and Royalty Summary screen. On this screen you should see the two rental properties you have already entered, and maybe the one that is missing depreciation. If the rental property that is missing depreciation is not there, select the tab for Add Another Rental or Royalty and enter your information about this rental property.

If all three rental properties are there, select the one you need to edit. On the screen Review Your Rental Summary, scroll down the screen to Sale of Property/Depreciation and select Start or Update. On the screens that follow, check your entries about this property. You will need to enter, among other things, your cost basis, the cost basis of the land, and the dates you placed the rental property in service. After the pricing information has been entered, you should see the screen, Asset Summary. Here you should see your depreciation for this rental property as well as other information.

@freewheeler23

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User2025

I was not able to find the Sale of Property/Depreciation option.

KrisD15

If this is for a rental, first enter the 2023 income and expenses for that rental.

Go to the "Property Profile" section and complete the interview

On the third screen in, you're asked "Do Any of These Situations Apply to This Property"

Be sure to select "SOLD ""I sold or disposed this property in 2023" and any other situations you might have, such as passive loss carryovers

CONTINUE until you get to the "Review Your Rental Summary" screen

IF THE PROPERTY HAS NOT BEEN ENTERED IN YOUR TURBOTAX PROGRAM-

Select "Sale of Property/Depreciation" from the list

Enter that details of the rental, including the cost/basis of the building and the land.

ON THE "TELL US MORE ABOUT THIS RENTAL ASSET" be sure to select "This item was sold, retired, stolen, destroyed, disposed of...."

The date sold

as well as any other items, such as "I purchased this asset" and if you have always used this as a rental.

CONTINUE

(if you loose your place, you may need to go into the "Rental and Royalties" section

Answer "Yes" to "Do you want to review your rental and royalty information?'

Select the answer for "Real Estate Professionals" and CONTINUE)

Select EDIT for the property from the list on the "Rental and Royalty Summary" screen

Select Sale of Property/Depreciation

Select "Yes" to "Do you want to go directly to your asset summary?" CONTINUE

Select EDIT for the property

Continue through the interview reporting that it was sold

Continue to enter the sale price and expenses for the land and building

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Carl11_2

Employee

What exactly is TurboTax 2022 not showing? The entire rental property? Or just the depreciated asset in the Assets/Depreciation section?

billbonney

It is not showing the depreciation option. Also I don't know how to figure it.

Carl11_2

Employee

"You" don't figure the depreciation amount. The program does that "for you" after you enter the property in the Assets/Depreciation section.

If you're not seeing the Assets/Depreciation section, then I'm guessing you made an incorrect selection on a prior screen. Most likely, you selected "royalty income" instead of "rental income". It's also possible that you may be jumping all over the place in the program, instead of doing things in the order the program is designed and intended for. Jumping around can cause this too, as you have to complete the "Property Profile" section first.