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July 17, 2020
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My rental property does not show depreciation on Schedule E. I thought Turbo tax took care of this for me? How do I amend?

  • July 17, 2020
  • 4 replies
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Best answer by Anonymous_

Follow the instructions at the link below to amend your 2019 income tax return.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-a-2019-return-in-turbotax/00/1238456

 

You can contact Support via the link below.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

 

In order for TurboTax to calculate depreciation on your rental property (so that the deduction appears on Schedule E), you need to proceed through Rental Properties and Royalties in the program and enter your property in the Assets/Depreciation section.

4 replies

Employee
July 17, 2020

Follow the instructions at the link below to amend your 2019 income tax return.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-a-2019-return-in-turbotax/00/1238456

 

You can contact Support via the link below.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

 

In order for TurboTax to calculate depreciation on your rental property (so that the deduction appears on Schedule E), you need to proceed through Rental Properties and Royalties in the program and enter your property in the Assets/Depreciation section.

July 17, 2020

Did you enter any personal-use days?  If so, that is likely that cause (assuming you entered the "asset" for depreciation).  And unless it went back-and-forth between rental and personal use, you should be entering ZERO personal days.

July 17, 2020

I thought I had the same problem, but found the depreciation showed up on Form 4562 instead of Schedule E where I would have expected it.

July 17, 2020

@JBGoode   In most cases it still shows up on Schedule E. 

Carl11_2
Employee
July 18, 2020

Depreciation expense/deduction shows up on line 18 of the SCH E. If you have more than one passive activity reported, then the amount of depreciation allowed for each activity will show up in it's respective column on line 18, for that specific passive activity.

If you do not see any depreciation on line 18 for a specific activity, and you know there should be depreciation, there are several reasons for this.

1) The assets of the activity were fully and completely depreciated in the prior tax year. (This is not common)

2) You incorrectly entered an amount of personal use days greater than ZERO, when you "in fact" have no personal use days. (read the note on that screen, then change personal use days to ZERO)

3) You incorrectly entered the same values in the COST box and the COST OF LAND box.

4) You have absolutely no assets what-so-ever listed in the assets/depreciation section of the program (or the depletion section if this is for royalty income.)

 

February 27, 2024

Carl,

 

I made the mistake with the personal use days, but I am really confused here.

 

When I zeroed out personal use days, it now says I will owe $2644 to federal. This may be ok, as I was due for a $7300ish refund. However, it is also showing the full amount of property taxes for the WHOLE year on Schedule E, but I did live in it for five months.

 

What is this supposed to actually look like? I am so confused.

Thanks,

Drew

KrisD15
February 27, 2024

I do not see any background for your question, only the questions in the thread from other posters.

 

If you report zero personal use days, the rental is eligible for the property tax expense for the entire year. 

If you used it personally for 5 months, you must enter that so the program allocates 7/12 the tax as a rental expense. 

 

The post earlier is saying that if there is no depreciation showing, you may have entered the wrong number of personal days. 

 

@Drew_43 

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