Question

The TurboTax calculation for my rental house depreciation is wrong by $1,000. Can I manually correct this? Placed in service on 15 Feb 14. Building cost $137,100.

Forum|Forum|5 years ago
June 25, 2020
2 replies
0 views

My estimated depreciation is $4,985 (same for last two years as done by a tax service). TurboTax is saying $4,000

TurboTax Premier Online

A

Anonymous

we can't see your return and therefore can not see the entry you made for the asset in TT. if you override anything in TT you will not be able to e-file. the only thing I can think of is you entered the cost of the building as $110,000 and maybe land for the difference. recheck all your entries for the asset.

Critter

Employee

Review the information on the prior year depreciation worksheet and the current year worksheet ... are the entries exactly the same ? There could be a few $ difference due to different depreciation methods but they should be close if you use the exact same base information.

Carl11_2

Employee

I can assure you with 100% certainty that the calculations are spot on perfect. But it could be that you entered the wrong data.

-Days rented: The day count starts on the date a renter "could" have moved in. Vacant periods between renters counts also, provide you did not live in the property for one single day for any type of personal pleasure use.

- Personal Use days: This will be ZERO. The program is asking for personal use days *AFTER* you converted it to a rental. What the property was used for before it was converted does not count for anything.

If you utilized IRS PUblication 946 at https://www.irs.gov/pub/irs-pdf/p946.pdf and with the worksheet on page 38 plus Table A-6 on page 72 to figure the depreciation, you'll see the program is correct if you entered the correct figures in the program.