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January 19, 2023
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In 2022 I sold a rental property that we held for 15 years. Is there a way that I can easily see how much total depreciation I've taken over the years?

  • January 19, 2023
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Best answer by Anonymous_

If you can view Forms (either online or via Forms Mode), look for the Depreciation and Amortization Report.

 

You should also be able to see the total amount in the Rental Properties and Royalties section of the Interview (under Assets/Depreciation).

3 replies

Employee
January 19, 2023

If you can view Forms (either online or via Forms Mode), look for the Depreciation and Amortization Report.

 

You should also be able to see the total amount in the Rental Properties and Royalties section of the Interview (under Assets/Depreciation).

January 19, 2023

To follow-up on the comments from @Anonymous_, TurboTax creates a worksheet called "Form 4562 Depreciation and Amortization Report" that is included with your tax return.  This is a TurboTax worksheet, not an IRS form, that is included in your complete return.

 

The total of current and prior depreciation for each asset is the accumulated depreciation for the year. This includes all prior and current depreciation taken for the property since you placed it into service.

 

@jennifer-mountai

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Carl11_2
Employee
January 20, 2023

I assume the property was still classified as a rental when you sold it. If you report the sale in the Rental & Royalties section of the program, then the program (not you) will take care of all the depreciation recapture for you.

Otherwise, take a look at the last tax return you filed for the tax year the property was converted from rental to personal use. In there, you'll find two Form 4562's for that property. They both print in landscape format. One is titled "Depreciation & Amortization Report" and is most likely the only one you will need. The other is titled "Alternative Minimum Tax Depreciation Report" and you'll need that one if asked for any AMT amounts while reporting the sale in the Sale of Business Property section, or Sale of Main Home (Loss or Gain) section.

 

To get the total depreciation taken, add together the amounts in the "Prior Years Depr" column and "Current Year Depr" column for all assets listed. The sum will be the total depreciation taken while the property was classified as a rental.

SPECIAL NOTE: **DO NOT** include anything listed under "Amortization" on the 4562. That's handled completely separate from depreciation recapture.