Asset depreciation availability issue

[fahedz]

I am trying to add my AC replacement cost for my rental but I get a screen on TT that says Depreciation and Amortization will be ready in February and maybe sooner. But Form 4562 is already released by TT, so why am I getting this screen and what am I missing?

[PatriciaV]

Although the forms availability table indicates that Form 4562 is ready to e-file, the final update for depreciation calculations within the software has not been released. We don't know the actual date for the software update.

We recommend that you wait a few days for additional TurboTax updates to be released, which should resolve the experience you're having with Depreciation.

[fahedz]

Thanks for the reply! It is a relief to know that.

[pootietang]

I've been ready to submit taxes for a week now and still waiting for this in order to finalize. 

Any idea of when it will be available? "Wait a few days" is a very vague answer considering some of us have been waiting for a few days already. Is it a week or 4 weeks? 6 weeks? Customers need to be able to make an informed decision on what to do and this is impossible if we are kept in the dark. 

[ronkinkade]

Yeah, I've been waiting since the 26th for this and still no update. I hate waiting for product updates without more specific guidance.

[fahedz]

By the way, I noticed that if you go through forms you can add one asset entry worksheet manually for each item you want to depreciate. I added four for AC, and three other appliances. Also the the form and software is already updated do the OBBB changes to depreciable assets so you could take the depreciation of appliances as bonus depreciation in one year. AC is over 27.5 years.

i am not ready to file yet so have not tried. Don’t know if electronically you could file, but maybe you can print out and file 

[PatriciaV]

We anticipate the depreciation calculations within the software should be updated after February 13, 2026. Our tech team is working hard to release the updates before that date. Please be aware that this update will affect depreciation for Schedule E (Rental Properties) only. Schedule C (Self-Employment) was updated previously and should be working in all versions of TurboTax.