TurboTax does not track depreciation on a year-by-year basis (i.e., the program does not generate a list of the depreciation deductions allowed for each tax year).
Rather, TurboTax generates a depreciation report which lists the cumulative depreciation (for all prior tax years) and the depreciation for the current year.
TurboTax does not track depreciation on a year-by-year basis (i.e., the program does not generate a list of the depreciation deductions allowed for each tax year).
Rather, TurboTax generates a depreciation report which lists the cumulative depreciation (for all prior tax years) and the depreciation for the current year.
Save a PDF with the worksheets ...
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2019 online tax return.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return.
Choose the option Include government and TurboTax worksheets
TurboTax will generate a Depreciation and Amortization Report and also Schedule E Two-Year Comparison but that is about it; there is no worksheet or other report that lists year-by-year depreciation allowed for years prior to the last two.
not sure about online. but in the desktop version there is an asset depreciation history link under each asset's entry worksheet
@Anonymous wrote:
not sure about online. but in the desktop version there is an asset depreciation history link under each asset's entry worksheet
a) It is not called "asset depreciation history"; there is an Asset Entry Worksheet and a Depreciation and Amortization Report.
b) None of the aforementioned lists the depreciation allowed on a year-by-year basis (which was explicitly mentioned in the original post).
I have never seen a depreciation chart - NEVER!! I have foolishly just accepted the numbers that were givern me and then this year they didn't auto-fill as they have in the past
Depreciation allocates the cost of a business asset over one or more years.
TurboTax Self-employed Online allows you to view the depreciation details by clicking Show Details at the screen Asset Summary.
Depreciation and Amortization Report for both regular tax and AMT is available under Tax Tools / Print Center / Print, save or preview this year's return.
Similar reports are available under Forms in TurboTax Home & Business Desktop.
Looking for my Depreciation and Amortization Report from last year's return and can't get it anywhere.. it is not in the PDF and i cannot go back on my account to print it out...
Just to clarify, i am looking to find the depreciation schedule on my rental property.
2020 Interest = $1,533.79
2021 Interest = $1,455.55
2022 Interest = $ 876.80
2023 Interest = $ 195.10
Loan Amortization
Did not know where to record 2020 Loan Amortization interest
I had trouble with this and finally figured it out! For some reason, my assets that i have been depreciating in turbo tax for 3-4 years were not carrying forward and i had to retype them all. Problem is, I didn't have great records and all of the information needed (because i relied on TT to store this for me). I called Turbo Tax and they guided me through. For some reason, the online version has changed and will not give you prior year Turbo Tax worksheets with your tax returns. So if you go into "Documents" and try to save your prior year returns as a PDF, it will only give you the filings as opposed to the backup worksheets. Same if you try to to go to "Tax Home" and download the prior year returns.
SOLUTION! The representative told me to go into a prior year where the assets had already been depreciated. 2019 was good for me. Go to Tax Home, scroll down until you see "Your tax returns and documents". Go to "Amend (change) 20XX return" and click Amend using TurboTax Online. Note this will only work if you used TurboTax previously and entered in the information on the assets. Once you agree to amending the return, go to "Print Center" and "Print or save this years return". Be sure to click "Include government and TurboTax worksheets (optional)". This will give you a incomplete pdf return; however, if you scroll down to the worksheets, it will include all of your prior year depreciation and amortization. You can just save this down and retype this information in your current year return. BE SURE TO HIT "CANCEL AMENDED RETURN" WHEN YOU ARE ALL DONE. This will close out the amendment and you should be on your way!
FOR DESKTOP USERS-- TO GET THE ALL ASSETS version of the Depreciation Report I went through the following steps;
1.from Forms View CLICK - <Open Form> button .
In the search box, SEARCH FOR “all assets” to find
“FORM 4562 Depreciation options
Depreciation Reports – All Assets”
Click on 2nd line—all assets report to highlight it
Click on the <open form> button
In the small window that appears-- click “Calculate All Assets Depreciation Report for this client”
then Click <quick zoom> below
and then once “zoomed” to the calculated form in the new window, click the <open form> button to see the All Assets Depr Workheet
THIS REPORT DOES SHOW EACH YEAR-AFTER-YEAR DEPRECIATION FOR ALL ASSETS.
This is great! Sadly it only appears to work for the most recent year. I can do this for 2020, but I can't add a state for 2019 or 2018
That was a rather old post with respect to "adding a state".
This is the BEST answer. THANK YOU for figuring it out and posting it. I have now used this method to save PDFs of the most recent 2 year tax returns and worksheets it works for to cross-check (for me thats 2020 and 2019 - going back to 2018 the only option for amending becomes "download TT desktop and your turbotax file to get started -vs printing or saving as pdf the worksheets"
VERY frustrating that TurboTax makes it so hard to do this. It's buried in their UX and requires multiple counter-intuitive actions and complete DIY even after you've figured it out. If Ive used TT every year to figure my depreciation why on earth wouldn't TT just do this for me? Or at very least not bury the "print previous year worksheets" under "amend a prior year return" - why not surface that feature right next to the normal "print prior year return?!"
Moreover if I pay the extra money for "live help" why would their live help `tax expert` tell me "oh most people know their own total depreciation from their own record keeping, I have no idea how you could get that from Turbo Tax - I dont do calculations or anything like that."
Shockingly bad. And salt in the wound that the US tax code is kept complex by incessant intuit lobbying of government to prevent its simplification.
i was excited to find this suggested "amend a return" workaround, but it doesn't work for me. turns out that TurboTax FreeFile (the late lamented) does not allow amendments. and when i download a previous-year return, even the "save a ton of data so i can take it to an accountant" version, the Form 4562 is still not there.
my current task is to total how much depreciation i've paid in all previous years for a car i drive for freelance work. i have zero idea how i'm going to invent this number. i do have all the data i input to TurboTax for all the years, and all my tax returns.