Question

Sold my rental and need help determining the depreciation previously claimed.

Forum|Forum|5 years ago
February 18, 2021
1 reply
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I sold my rental property last year for 326500. After all expenses from the sale it came to about 303,000.
I don't think I depreciated it by the book over the years owned (since 1992). How can I dig up the info without going through all previous schedule E return forms?

TurboTax Self Employed Online

M

MAK70

If you do not have the records, you must use the straight-line method.

The greater of the depreciation allowed or allowable is generally the amount to use in figuring the part of gain to report as ordinary income. However, if in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. See Depreciation allowed or allowable.