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Get your taxes done using TurboTax
yes you must take the appropriate depreciation each year. don't and your still subject to recapture on the depreciation you didn't take.
if your taxable income is negative what you may have is a net operating loss carryover/carryback. Turbotax does not compute this. you can use schedule A of form 1045 to do this. there are probably other sources for the worksheet. then you need to enter any carryforward manually in the following year's return. you may have to go back to previous open years to amend the returns for the NOL if it exists. if 2019 was not extended it is now a closed year so you can only amend 2020-2022
https://www.irs.gov/pub/irs-pdf/f1045.pdf
‎September 2, 2023
9:14 AM