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How do i manually enter depreciation in schedule e ?

 
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3 Replies
AlanT222
Expert Alumni

How do i manually enter depreciation in schedule e ?

To enter your rental:

  1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
    • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
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How do i manually enter depreciation in schedule e ?

This reply didn't answer the question, so I'm reiterating it. How do I manually enter depreciation for my rental property in Turbotax?

 

Turbotax insists on calculating your depreciation for you. That's very helpful if that's what one needs, but how does one replace the calculation with the correct number for one's cirumstances? In my case, I live in a triplex I own, and so I don't claim the entire depreciation for that building. I claim only 74% of it, as that's the percentage that is rented out. I've never found a way to change that number and so have just given up and let Turbotax calculate the incorrect numbers for my tax return. But I'm sick of giving up and really, really want to know how to correct Turbotax's assumptions.

 

Thanks for any insights!

 

Karin

How do i manually enter depreciation in schedule e ?

The interview style in the  ONLINE  program  doesn't allow you to make direct form entries.  Only the downloaded version does HOWEVER  making overriding entries can void the accuracy guarantee and can keep you from efiling. 

 

Now ... when you enter the asset into the program if you use a portion of it personally then you will ONLY enter the business portion as an asset.  Do NOT use the option for the program to divide all the common expenses ... do the math yourself and only enter the business portion of the expenses and the business portion of the asset.  FYI ... the land needs to be broken out and is NOT entered in the program. 

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