My 2021 Form 4562, as calculated by TurboTax shows prior depreciation for active depreciating assets EXCEPT for assets being depreciated over 27.5 years on a Single Line Mid Month (SL/MM) convention. The Form does, however, show figures for the Current Depreciation.
The three items being depreciated on the SL/MM basis were put into service in the years 2004, 2005, and 2006 in the dd/mm/yr date format under the Date in Service column.
The 2021 4562 shows the other depreciating assets with prior and current depreciation figures listed.
When I imported my 2020 Turbo Tax return it was the .tax2020 file and not the .pdf that I had also saved.
I have gone back to look at recent tax year 4562s and discovered that it appears to me that the 27.5 SL/MM files showed no prior depreciation every other year.
Is there a way to manually enter the prior year depreciation figures so that TurboTax does not characterize them as overrides? Alternatively, is there a way to manipulate the tax software so that it updates the data correctly?
Accurate figures are of course extremely important as 25% of depreciation has to be recaptured on sale of the property.
Thanks.
