Apartment house - Errors on all Asset Entry Worksheets for first time this year

[Raeka]

I've been using Turbo Tax since about 2019 for my apartment house.

I have depreciation tables that go back to 1987. I've never had problems with them showing errors until this year.

This year, when I tried to run the error check at end of tax prep., because I opted for the Special Deduction Election, as I did in previous years, most of the  asset entry worksheets in my TT program, about 68 entries , showed RED ! marks because many were before that law went into effect. So TT made me go through each one. The error said:

Check This Entry
8825 Worksheet (RESIDENTIAL RENTAL) --Asset Entry Worksheet (---various names):
Elect out Special Ded should be blank. This asset is not Qualified Property
for the Special Depreseciation Allowance. Then it shows  3 Option boxes you have to choose at top of the form screen (outside of the form which has the wrong answer highlighted in Red)    It shows at top left of screen:

No entry
Elect out Special Ded Yes
Elect our Special Ded No

Most of my forms needed me to select No Entry.

But on one of the ones where the election was applicable, it is asking me to enter two figures which I don't know:

Under Special Depreciation allowance, it has a box where it wants me to enter

"Regular Tax" and a box next to that box states to enter "Amount" (See photo)

Under those boxes, it shows the past depreciation for the past two years. I have a table for the next several years so I know what it will be. The method is 150DB/MQ

Cost: $3,878.00, Salvage: $0.00
Life: 15 years, Factor: 1.5
Convention: Mid-Quarter
First Year: 1.5 months

The form already shows the Prior years:

2020: $48

2021: $383

2022: current depreciation: $345.

But I don't understand what it wants me to enter in those two text boxes. I would have thought TT would do that work for me. Is it asking me to type in what the tax would have been had I not opted for that special deduction? If so, I don't know what that amount would be!

Thank you in advance for any help with this.

Can someone tell me what to type in those boxes?

[PatriciaV · Accepted solution]

On the Asset Entry Worksheet, the Special Depreciation Allowance line should reflect the allowance taken under Regular Tax and under AMT (Alternative Minimum Tax) in the year you started using the asset.

The value for Regular Tax can be found on Form 4562 Depreciation and Amortization Report in the Special Depreciation Allowance column for that asset. There is a similar report for AMT (Alternative Minimum Tax Depreciation Report).

Screenshot attached.

[Raeka]

Thank you so very much. I was able to get the form to accept nothing in that tax box. I put a figure in that was wrong and them went into forms and deleted it. It has stopped giving me an error and in my depreciation table, the special allowance is 0 in that column.