I have used TurboTax for my last two tax returns. For my 2018 return, TurboTax walked me through taking depreciation on capital improvements (new HVAC system) that I made in 2018. I can see it on form 4562 line 19b in the category of "5 year," which made sense. For my 2019 return, I saw the value of that capital improvement made in 2018 while walking through my rental property info in TurboTax, saw that the capital improvement info from the prior year was still there, and assumed TurboTax was taking that depreciation for me. I filed my return. Now that I'm looking at it more closely, I do not see anything on form 4562 line 19b; I see only a value on line 17 and nothing more added. The total on line 22 is equal to the value on line 17.
I don't know how to determine if perhaps the depreciation on the HVAC capital investment in 2018 was silently combined together with regular long-term depreciation on line 17 such that I received the benefit without TurboTax spelling it out on line 19b.
- Question #1: Please help me understand how to determine if I took or missed the depreciation on the new HVAC system for the year 2019.
- Question #2: If I missed taking the capital investment depreciation in 2019, how would I go about calculating the value of amending my 2019 return to capture that vs. just letting it go? The cost of the new HVAC system was about $12,000, and I was supposed to be able to depreciation 20% of that amount in 2019.
Thanks in advance for anyone who can help with this question!
