Depreciation not populating Schedule E form

Forum|Forum|5 years ago
May 19, 2021
1 reply
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I'm using TTBusiness to file a Trust Tax.

I've entered my rent properties with all the expenses and worked through the depreciation screens. My depreciation didn't match what TT through it should be because I had a DumbA CPA do my taxes last year and he mixed up the costs of my houses when he completed the forms! So I put in what was claimed on the Amended 1041. TT calculated the depreciation and created a worksheet for it. But when I look at Schedule E every field for depreciation for the homes says 0. What did I do wrong? I've done the whole return twice to make sure I didn't miss something. Both times, the fields do not populate. Please help!

TurboTax Business Windows

Best answer by Anonymous_

You will enter the income and depreciation on your K-1 into your individual income tax return.

The default rule for trusts is that the depreciation deduction is apportioned between the trust and the beneficiary(ies) according to the amount of rental income received by each.

Anonymous_

Level 15

Are you preparing an amended 1041 for the 2020 tax year?

Regardless, if you made a distribution of the rental income, then the depreciation deduction will generally follow that income on the K-1(s).

Enter Forms Mode and check your K-1(s), in particular Line 9 (with an "A" code).

KismetiqueAuthor

Level 2

No, the amended return for 2019 was filed last year by a different CPA. I've found errors with what he did as well. The whole mess is a disaster. I should have been doing them myself from the get go.

I checked Schedule K-1, Line 9 and the depreciation is reported there and correctly.

My question is now - if it were reported on Schedule E as it should be, that would change my expenses and make my income less than is showing. Won't that affect the loss I can carryforward?

Anonymous_Answer

Level 15

You will enter the income and depreciation on your K-1 into your individual income tax return.

The default rule for trusts is that the depreciation deduction is apportioned between the trust and the beneficiary(ies) according to the amount of rental income received by each.