Question

Turbo Tax Desktop Premier Issues

Forum|Forum|3 years ago
April 12, 2023
1 reply
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I am entering my rental property information on the Turbo Tax desktop Premier version and it does not take the depreciation amount while calculating the expenses. Can someone please tell me what is wrong?

I have entered

1) Purchase price of the property

2) Cost of Land

3) Date it was acquired

4) How many days it was rented in 2022.

Thanks,

PatriciaV

Employee

Some items to review under Assets/Depreciation on the page "Tell Us More About This Rental Asset":

1. Checked "I purchased this asset."

2. Checked "Yes, I've always used this item 100% for business." and entered the date you first started using it.

The next page should confirm prior depreciation (if any). Then you should see the Asset Summary with a box to check to "Show Details." Check the box and confirm the information is correct. Your depreciation expense for the year will be shown under the property description.

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S

sbachawat1979Author

Thanks. The software is calculating the depreciation but when you check the deduction under Assets/Depreciation it shows up as zero.

S

sbachawat1979Author

The property was not fully used for rental purposes last year so I marked it to ensure that I do not take credit for the full year. It shows me the depreciation amount under " Your Property Assets", keeps special depreciation and Section 179 as zero. When I click on Done and come back to the " Review your rental summary" it shows me the total for Rental Income and Expenses and keeps the Assets/Depreciation as zero. I am not sure how to get this fixed as without the depreciation expense I would be overpaying taxes. Any insights? I am using the Turbo Tax Desktop Premier version for Mac like every year.