How can I find out how much my rental was depreciated over the years?

Forum|Forum|3 years ago
March 2, 2023
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TurboTax Online

Carl11_2

Employee

There's several ways. One way:

Elect to EDIT/UPDATE the asset in the assets depreciation section. On that first screen it shows you the cost basis of the asset used for depreciation, as well as the total prior year's depreciation taken, and other information.

Work through the asset to the final screen, and that will show you the current tax year's depreciation you'll be claiming. Add those two numbers together and that gives you the total depreciation taken.

Another way:

In your prior year tax return, assuming you printed it, you should have two Form 4562's for the property that print in landscape format. One is titled "Depreciation and Amortization Report" and is most likely the one you will refer to. The other is "Alternative Minimum Tax Report" and only applies if you are or were subject to AMT in any year you owned the property.

That 4562 (the first one) will show the asset, year placed in service, prior year's deprecation, current year's depreciation (with current year being whatever year the tax return was for, that you pulled the 4562 from) along with the method/convention, business use percentage, etc.

leeloo

Your backup forms regarding your rental would have a depreciation worksheet. If you can't find it, you can calculate it yourself. Each year, except the first and last, your basis is multipled by 3.636% to get the year's worth of depreciation. The first year's depreciation depends upon the month it was placed in service.

MonikaK1

As Carl stated above, there are different ways to obtain this information.

If your rental property has been reported on your returns using TurboTax, you can find your rental depreciation schedule by looking for Form 4562 in your tax return (the page may be oriented sideways).

A Depreciation and Amortization report is generated each tax year in which you used TurboTax and lists all assets for the business or rental property that you have entered.

You can preview your return before filing to find out how your taxes were calculated and review the completed forms. See here for details.

See this article for instructions to view and print a prior year's return in TurboTax Online.

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Carl11_2

Employee

(the page may be oriented sideways).

Just to clarify.

If you have a single rental property, you may have a total of three sheets labeled as a "Form 4562". The one that prints in normal portrait format is the "official" form, and is the one that gets filed with the actual tax return. The portrait form is only generated if there is a change of some sort for the tax year being filed. For example, if you add an asset, sell an asset, convert an asset to personal use, etc. etc. etc.

The other two print in landscape format and are not *official* forms. But it's those two that will have the details being requested in this thread. If you use the one from the 2021 tax return, you have to add together the amounts in the "prior year deprec" column and "current year deprec" column. to get the total amount of prior year's depreciation taken, "BEFORE" 2022. It will not include the 2022 depreciation of course. This "unofficial" form will have more detail on it too, such as date placed in service, business use percentage, convention/method used for depreciation, and more.