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I realized this year that I didn't begin to depreciate one of my assets at my rental property. How do I properly do that now? (initial date was 12/5/2014)

Forum|Forum|7 years ago
June 4, 2019
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I installed a new furnace on 12/5/2014 but I didn't add it as an asset on my taxes for 2014 or 2015. I am not sure how to add it now or if I even can add it now.

TurboTax Premier Windows

Best answer by KenH1

You can still add and depreciate the asset. Use the correct date when the software asks when you put it into service.

The software will then indicate how much depreciation was assumed to have been taken in the previous years, and calculate this year's amount.

Keep track of this; i.e. keep track that you did not take depreciation in 2014 or 2015. You will need to know this if you ever sell or convert the property.

K

KenH1Answer

Employee

You can still add and depreciate the asset. Use the correct date when the software asks when you put it into service.

The software will then indicate how much depreciation was assumed to have been taken in the previous years, and calculate this year's amount.

Keep track of this; i.e. keep track that you did not take depreciation in 2014 or 2015. You will need to know this if you ever sell or convert the property.