Hello,
My understanding is form 4562 only includes depreciation for the current year. However, if the property was rented out for let's say last ten years or so, how do you figure out how much depreciation was taken over the last 10 years.
Further complicating, if only 25% of the property was rented out one year and maybe a few years 50% of the property was rented out and then again 25% of the property, in such scenario how can you determine depreciation taken on tax return each year?
Does Turbotax software track all the depreciations taken over a period of time and carry them forward, if it does, where can I find that information? If it doesn't for the given scenario where can I find this information?
Thank you in advance.
Turbotax has some sort of 4562 type form that has current year and accumulated depreciation on it.
Turbotax will carry your depreciation forward but if it varies from year to year I'm pretty sure you're going to have problems and will have to enter the depreciation deduction yourself.
There's something called Forms view and that thing is like a depreciation report for your records......it's not the real Form 4562 but it has that number on it.
The actual Form 4562 that is filed with your return is just a Summary of the Depreciation for the current year and only lists out the new assets and not the prior the items. You may have a 4562 Depreciation and Amortization Report which does list all the items including fully depreciated items.
If you don't have the 4562 Depreciation and Amortization Report or need more info you need the Asset Life History. The history is only available in the Desktop program not the Online version. If you are using the Online version you would have to download your .tax2023 file and open it in the desktop program.
Call customer service and ask if they can put the Desktop program in your account. You will need a full Windows or Mac computer to install it. Then......
First save the tax file from Online. You can download the .tax2023 data file without paying for Online and continue in the desktop version
https://ttlc.intuit.com/community/saving/help/how-do-i-save-my-turbotax-online-return-as-a-tax-data-file/00/25740
You need to install the program on your computer and move your online return to the Desktop program. How to switch…….
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-the-turbotax-software/00/26129
After you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).