Carl
Level 15

Deductions & credits

In the SCH E section of the program you need to work through the Assets/Depreciation section and enter everything there. TO ensure you enter the correct numbers:

In your prior year tax return there should be two form 4562's that print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation".  YOu'll need the first one definitely, and the 2nd one if the program asks you for AMT numbers.

You'll also need IRS Form 8582.   If you don't have any passive loss carry overs in 2020, then that form will not be present.

Enter your assets "exactly" as they are listed on the 4562. The only column that will be different will be the "Prior Years Depr" column. To enter the correct amount of prior years depreciation on your 2021 return, add together the amounts in the prior years and current year depr shown on the 4562 from the 2020 return.