Question

Is there a way to keep depreciation records in T-Tax

Forum|Forum|5 years ago
April 8, 2021
2 replies
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I stopped renting a property. Is there a way to keep the depreciation records in T-tax year after year until I sell it, as opposed to manually entering them when I do sell. Something like 100% personal or 0 days rented....?

J

JoannaB2

It depends. You can access the returns filed using TurboTax Online for 7 years. If you filed your tax return using the TurboTax CD/download software, you may need to save the information in your computer hard drive. Most computers will automatically save your data to the hard drive, usually known as the C drive. However, if your computer crashes, your data could be lost, so it's important to always back up important files.

Depreciation is a reduction in the value of an asset with the passage of time, due in particular to wear and tear. Building, equipment, vehicles are some examples of assets depreciate over a specific period of time.

Carl11_2

Employee

The best thing to do is, in the year you convert the property to personal use, once you have e-filed and it's been accepted by the IRS (and state if applicable), print out the two form 4562's that print in landscape format, and the 8582. Then file them with your property records. That way you'll have them should one of three things happen in the future.

1) You convert the property back to rental.

2) You sell the property

3) You die.