Not used turbotax 2023, rental depreciation amount screwed in 2024

Forum|Forum|1 year ago
February 16, 2025
2 replies
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Hi,

I have rental depreciable basis $315,881. The depreciation amount is always $11,487.

I did not use TurboTax in 2023, and the depreciation amount is changed to $2,793 for 2024 in TurboTax after I put down previous total depreciation amount $135,000. Date in Service is 10/27/2012.

How can I make the depreciation amount for 2024 to be $11,487?

Thanks

MAK70

In TurboTax, do not enter the amount for previous depreciation- TurboTax calculated $128,747. This will make your depreciation expense for 2025 $11, 486.

mother2002changAuthor

Hi MaryK4,

Thanks for your answer.

May I know how this number of $128,747 is got? And where does it show in TurboTax?

"TurboTax calculated $128,747"

"will make your depreciation expense for 2025 $11, 486". Did you mean for 2024 tax?

If I don't put down anything in the total previous depreciation, TurboTax auto generated total previous depreciation $73,571 and auto generated 2024 depreciation is $6564.

If I put down $0 for total previous depreciation, the 2024 depreciation becomes $11,080 instead of your print screen showed amount $11,486. The depreciation base $315,881 divided by 27.5 years should equal to $11,486.58. Why TurboTax shows $11,080? And where did it go wrong?

Thanks

MAK70

@mother2002chang Can you clarify if you skipped one year for TurboTax and it had information from 2022?

AmeliesUncle

Are you entering a cost/value for land?

If so, when you enter your 'cost' for the home, you enter the TOTAL cost (building and land combined), which would mean you would enter $315,881 *PLUS* whatever the land cost.