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.
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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.
How do I access that form?
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.
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