pk
Level 15
Level 15

Get your taxes done using TurboTax

@OwenUlph , I am not sure  how you are ending up doing the form by yourself.

Generally, when you tell TurboTax that you have rental income  ( generally business income ) , it will walk you through the filling out of the form.  All you answer  are things like,  total cost of acquisition, cost attributable to land  ( non depreciable )  , when did you put it in service ( generally the day you declared your intention by advertising for rent ) etc. etc.   These bits of information lets Turbo prepare the depreciation schedule  based on service life and MACRS convention to compute the  current year depreciation.  So please could you tell me  how did you end up doing the  form ( by hand ? ).

 

Also Turbo will maintain ( year after year ) the depreciation  schedule including accumulated depreciation  for purposes of  ordinary vs. capital treatment of gain when the property is disposed.

 

I am assuming here that you are using the downloaded/ C D version of  Home & Business  for the year 2023.

 

I will circle back once I hear from you