If the rental you sold/exchanged was deleted, you need to add it back if the property produced income in 2021 prior to the exchange. You can do so manually without starting over. But you'll need information from the 2020 return to re-enter it correctly to account for all the prior year's depreciation and any carry over losses.From the 2020 tax return you'll need:
- Form 4562. There are two of these and they both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation". You'll definitely need the first one. You'll need the 2nd one only if prompted for AMT amounts by the program.
- IRS Form 8582. This form shows your passive loss carry overs. If this form is not present in your 2020 tax return, that's okay. It just means you didn't have any passive loss carry overs to carry over to 2021.
Note that if the first 2020 form 4562 shows amortized costs, those are entered differently in the program and not entered as a standard "asset" per-se. Just let us know if you have separately amortized costs to enter if you need help with that. Your amortized costs would be labeled on the 4562 as something like "financing fees" or the such.
