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Get your taxes done using TurboTax
When you added the Schedule E, you should have added the rental property as an asset.
You are not alone, many people forget/ miss adding the property as an asset.
Depreciation per year is $4364 ($120,000 over 27.5 years).
You can just add the asset this year but you'll still need the Form 3115 to claimed the missed depreciation from 2022 and part of 2021.
They can do it in Full Service with TurboTax (Select Do My Taxes for Me). It would be well worth the expense of getting an expert to file it for you. They will make sure it is correct and will claim the missed depreciation on 2023.
‎January 14, 2024
5:24 AM
874 Views