Why is Rental Property Depreciation (for the Residential Building) not showing up on 2020 turbotax?

Forum|Forum|5 years ago
December 27, 2020
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TurboTax Self Employed Online

Best answer by Anonymous_

It does not appear as if the depreciation deduction under Expenses/Assets (Depreciation) for some reason.

However, in the Rentals and Royalties summary under Net Income, you should be able to determine whether depreciation has been deducted from gross rental income.

Anonymous_Answer

Employee

It does not appear as if the depreciation deduction under Expenses/Assets (Depreciation) for some reason.

However, in the Rentals and Royalties summary under Net Income, you should be able to determine whether depreciation has been deducted from gross rental income.

ggordon5

I have checked both sections where this number is calculated at the total amount for rent and royalties and individually at each property. Depreciation that should be applied and carried over from previous years, is not being listed or calculated. I cant get ahold of any live person at turbo tax because they suck. Any ideas?

hellogoodbye

I am having the same issue

Carl11_2

Employee

That could be because of a faulty import from the 2019 tax file (or not importing at all). If you marked the asset(s) as converted to personal use on the 2019 return, then that's another reason the program might not import it - though I would expect it to import it anyway.

If 2020 is your first year renting this property, then you may need to actually enter the asset in the Assets/Depreciation section.

From what I see in my desktop version of 2020, it's quite unusually for the assets/depreciation section to actually be working this early (dec 2020). Commonly the depreciation stuff isn't finalized and approved by the IRS until after the middle of January.

Anonymous_

Employee

@Carl11_2 wrote:
If 2020 is your first year renting this property, then you may need to actually enter the asset in the Assets/Depreciation section.

Why not set up an online account and enter an asset? I did and the depreciation deduction does not appear in the relevant section.

The program does, however, actually calculate the deduction from gross rental income (which can be seen in the net income figure) but the deduction does not appear as an expense (for depreciation) in that section of the program.

Carl11_2

Employee

Overall, I suspect it's just a case of where TTX doesn't have everything set up yet.

richpatrie

I called support. It's a known issue, but they provided no info. I asked for an ETA and they didn't have one.

ggordon5

I got an email indicating this issue has been fixed. But when I logged on to my ongoing 2020 return for online version, nothing has changed and deprecation and assets from previous years has not changed. Does anyone know if turbotax online needs to be fully cleared and restarted for the "fix" to take effect. Sure would be nice if turbtax would provide this simple context, instead of just saying fix, with no other info