Two Rental Properties

[glennlea]

I have Turbo Tax Premier and have two rental properties and do not know how to enter the second one's information.

Also, I have property, a furnace, that is being depreciated over 27.5 years per my last tax preparer but TT doesn't seem to allow any depreciation schedule over 5 years - it doesn't distinguish between the types of assets and assumes all are  "furnishings". The furnace depreciation started in 2004 and TT calculates that I have no depreciation left for this asset.  Is there any way I can over-ride this or be able to have TT distinguish the different types of assets?

[Carl]

One thing at a time, or I can guarantee you total confusion. You don't need that, with less than 24 hours left to e-file your return. (Assuming you filed for an extension)

I have Turbo Tax Premier and have two rental properties and do not know how to enter the second one's information.

After you work through the first rental property in it's entirety, click the "Add Another Royalty or Rental" button at the bottom. If you don't see that button, then you're not finished with the first property.

If you have already exited the Rental & Royalty Income (SCH E) section of the program, then go back into that section. A few screens in you will see your first rental listed there. Click the "Add Another...." button and get started.

Once you have this understood, we'll address your other issues. It would help however, to know if you are using the online version of TurboTax, or the CD/Desktop version of the program.

[glennlea]

Thank you for your help about the 2 rental properties. It turned out that I was not logged on at the time I was working on the return. When I logged on, I was able to follow your directions easily.

However, I am still having trouble with the Depreciation.  I am using the online version of Turbo Tax and am trying to use depreciation schedules set up by my tax person a couple of years ago for the majority of the assets.  She used MACRS SL (straight line) with a useful life of 5 years for everything but the properties and the furnace. She used a useful life of 27.5 years for these and the longest rented unit is now past that so there is no more depreciation to take on that building. 

I do not have information about either Half Year or mid quarter for any of my assets but I checked one of these boxes when entering the assets because there was no information about MACRS.  When I corrected the amount of the previous depreciation taken, Turbo Tax gave me back the wrong amount of 2017 depreciation.  Is there any way to over-ride these values? 

When I correct the

[Carl]

Depreciation is not to be played around with. Accuracy is not an option. It's an absolute *must*. 

From your 2016 return you need the IRS Form 4562's for each individual property. There are two of these forms for each property and they print in landscape format. One is titled Amortization and Depreciation Report, and the other is Alternative Minimum Tax Depreciation. Do you have both of these for each property?