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February 29, 2024
Question

How to add the same rental deprecation as prior year

  • February 29, 2024
  • 1 reply
  • 0 views
I need to add a rental deprecation as I did last year. I follow turbo to add cost base and land cost , it shows total different

1 reply

Employee
February 29, 2024

The depreciation amount should have carried over from the previous year if you used TurboTax last year. You shouldn't have to add the asset back again. If you didn't use TurboTax, then enter the date the property was placed in service and TurboTax will calculate the previous depreciation amounts that should have been taken. 

If the property was placed in service for the first time in 2022, then the amount will be different following the mid-month depreciation convention which calculates depreciation as placed in service in the middle of the month, no matter if it was the 1st or the 25th of the month. Effects the first year and last year of depreciation. 

 

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