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Where do I find Prior Year's Depreciation ?
I have a second home that we sometimes rent out. TurboTax (desktop, Mac, 2024) asks for prior depreciation on the home's assets. When I pull up last year's taxes (2023) and look at Form 4562, I get confused about which column to refer to. There's Prior Depreciation, Current Depreciation, and Adjustments Preferences. For 2024 taxes, do I take 2023's Current Depreciation and subtract it from Prior Depreciation?
March 4, 2025
5:38 AM