Rental depreciation

Forum|Forum|3 years ago
February 28, 2023
1 reply
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Why is TurboTax suddenly after many years asking for year of purchase, amount, land price and s.o. of rental properties? Where is rental depreciation from last year?

Best answer by JulieS

Thanks again for the thorough answer! One question if you could answer. Last year there were no additional changes to the rental info so form 4562 was not produced as far as I can see. This tax year 2022 the form is created by TurboTax. Do you think IRS will be triggered somehow even though I didn’t have new changes or additional things to depreciate?

No, if you had any depreciation expenses, your depreciation details are included in your tax return even if Form 4562 was not required.

The IRS is not "triggered" by changes in the forms included in your return. It is common for the forms you need to change from year to year.

Mike9241

it should have transferred when you started 2022. but for that to happen you need to be in the same account as you used in 2021. once you start working on 2022, there is no way to transfer the 2021 data.

anntax

I am using a CD every year. I don’t remember having an account any of those years. I have never had any problems transferring data fro one year to the next. May be I don’t understand something?

VolvoGirl

Employee

Here's an idea. Do you still have 2021 installed? Try opening 2021 program and see if you can get your 2021 return to show up in it. Go to FILE - OPEN. Then save it again with a name and place you can find. Go to File - Save As. Then start a new 2022 return and transfer from the 2021 file.