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Depreciation missing form Form 4562 Part III and Part IV and Schedule E

I paid a hefty extra fee for support and review by a live tax professional in TY2021. This year, I realized that Form 4562 and Schedule E are incorrect. These forms document depreciation for a property I was renting out. The forms only show depreciation for the items purchased for the property in 2021. Neither depreciation on the house, nor the carryover for all the items claimed in previous years, appear anywhere in the tax filing that I can find. This is a significant amount of depreciation. 


The depreciation in my return for TY2020 is correct, but it was done by a professional accounting service, not TurboTax, so the information is not in their system.


Part way through TY2022, I converted the property back to my primary residence. The missing information persists in the TurboTax 2022 return. From what I understand, I will have to repay all allowable depreciation when I sell the house, whether I claimed it on my taxes or not -- so the value of this significant error is multiplied by 2.


I received an extension for TY2022 so I have until Oct. 15 to file. However, I cannot figure out how to make TurboTax show these amounts on Form 4562 and Schedule E. Also cannot figure out  how to fix the return for TY2021, and I do not think I should have to since in 2021, I paid for a "tax expert" to help prepare and review my taxes, due to the complexity. 

How do I get TurboTax to fix my TY2021 forms to add the correct depreciation, since I paid extra for service that wasn't effective to catch this error?
How do I fix my TY2022 forms to add the correct depreciation?

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4 Replies

Depreciation missing form Form 4562 Part III and Part IV and Schedule E

I would advise you to take this issue to TurboTax Live team.   Explain what happened and ask them to work with you to get everything correctly amended and resolved.  TurboTax very much wants to provide tax accuracy.  If issues like this are not reported and resolved, then they will continue to happen.

I believe that you are entitled to have this corrected and also to have the fee that you paid for the review to be reimbursed to you.   You should not be attempting to fix this on your own.  Please let us know how this is handled.

Depreciation missing form Form 4562 Part III and Part IV and Schedule E

Contact TurboTax support on Monday and explain your situation to them so that you can get the assistance you require.


Support is open from 5am to 5pm Pacific time, Monday thru Friday.


See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number...

Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

Depreciation missing form Form 4562 Part III and Part IV and Schedule E

Thanks both. Yeah -- they would have had  no way of knowing what capital improvements I'd made over the years, but I think a review should have picked up the fact that the building itself was not being depreciated, and that would have caused someone to notice that all the capital improvements were from the current year on a pretty old house. That's how I found it. 


 Oh, I really hate to call customer service lines. It usually ends up as wasted time, you usually don't get any resolution and it's just a lot of frustration. Then it becomes a question of how much your time and mental well being are worth, and I wonder if it is better to just eat the loss. 😥

Depreciation missing form Form 4562 Part III and Part IV and Schedule E

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