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Yes, you can override the depreciation amount if you're using the TurboTax CD\Download version but you won't be able to e-file.
No, you can't override the depreciation amount if you're using the TurboTax Online version.
The depreciation is automatically carried over from the previous year for an asset you are depreciating. If you are no longer using the asset, or it was sold or it was destroyed, you need to remove the asset from your tax returns.
See I sold my rental property. How do I report that?
Depreciation works on a fixed schedule as provided by the IRS. You go changing things and it's a sure fire guarantee of an audit 24-36 months down the road after filing.
If the shown depreciation is not correct, then it's because you entered incorrect information pertaining to that depreciation. Depreciation is figured based on the data you enter. So either you entered a wrong monetary value for that asset, a wrong in service date, or wrong business use percentage.
If on the primary property, then most likely it's because you incorrectly indicated you had more than zero days of personal use. (this is the most common mistake).
I AM AMENDING A 2020 RETURN AND NEED TO OVERRIDE THE DEPRECIATION TO DUPLICATE THE ORIGINAL RETURN. HOW DO I DO THAT???
I AM AMENDING A 2019 RETURN AND NEED TO OVERRIDE THE DEPRECIATION TO DUPLICATE THE ORIGINAL RETURN. HOW DO I DO THAT??? Thanks
Hi did you get your question answered? I’m amending my 2019 and have the same problem with the depreciation amount. It’s not matching with the amount on my original return. Please Let me know how you fixed yours. Many thanks…
Since you must be using the downloaded program you can switch to the FORMS mode and make any entries needed if you cannot get the information in the program thru the preferred step by step mode.
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