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How do I enter my accountat's numbers for rental proprty depreciation and amortization?

I own a rental property, in past years we purchased many items like furniture and improvements, and we also had closing costs.  My accountant entered depreciation for all this, and I have a depreciation & amortization report from her that lists each item separately. 

 

Now I am trying to do my own taxes, but I don't see how I can enter all these individual items as she did, all I see  in TT a single box that says "amount of depreciation taken in prior years."  How can I copy over all the specific items from my accountant's  tax return?

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1 Reply
JamesG1
Expert Alumni

How do I enter my accountat's numbers for rental proprty depreciation and amortization?

TurboTax Desktop software can import information under File / Import / From Accounting Software.

 

In TurboTax Desktop, access the residential rental asset as follows:

 

  • Select Federal Taxes.
  • Select Wages & Income.
  • Select I'll choose what I work on.
  • Scroll down to Rental Properties and Royalties.
  • Select Start/Update to the right of Rental Properties and Royalties.
  • At the screen Rental and Royalty Summary, select Edit to the right.
  • Select Start/Update to the right of Assets/Depreciation.
  • At the screen Do you want to go directly to your asset summary, select Yes.
  • At the screen Your property assets, select Add an asset.
  • Follow the screens to enter each asset.
  • At the screen Confirm your prior depreciation, enter the amount of depreciation taken in prior years.

 

Click FORMS in the upper right hand corner of the screen and select Depreciation Report to view the assets entered.

 

In TurboTax Online, access the residential rental asset as follows:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & income.
  • Scroll down to Rentals, Royalties, and Farm.  Select Show more.
  • Select Start / Revisit to the right of Rental Properties and Royalties.
  • At the screen Your 2023 rentals and royalties summary, select Edit.
  • At the screen Here's rental property info, select Edit to the right of Assets Rental property.
  • At the screen Your property assets, select Add an asset.
  • Follow the screens to enter each asset.
  • At the screen Confirm your prior depreciation, enter the amount of depreciation taken in prior years.

View Form 4562 Depreciation Report at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

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