@rajamony wrote:
- Using Turbotax Premier, desktop version, Premier (Inv. and Rental Property) since 2010
- Bought foreign property in December 2010
- Placed property into rental in 2014. For tax years 2014, 2015, 2016, 2017, TT generated Schedule E and forms 4562, landscape mode, one titled "Depreciation and Amortization Report" and another similar for AMT
- Each form 4562 for all years 2014-2017 lists date in service as 08/03/2012
- Each form 4562 lists "Prior Depreciation" as 0 and Current Depreciation as $1888
The worksheet says it was placed in service in 2012. But you are saying it was placed in service in 2014. Why the difference? Are you mistaken, and it was placed in service in 2012?
What was the property used for between December 2010 and whenever you placed it in service?
Are you SURE you used TurboTax in 2012 and 2013, *AND* you transferred the prior year information to 2013 and 2014? If you did not do that, that is why the program is not showing the "prior depreciation". If you set up an asset that was already in service, if you don't enter the "prior depreciation", that won't carry forward because it didn't know what happened in 2012 and 2013.
Just to verify, the depreciable Basis is about $75,520, and that is AFTER subtracting the land, right? I just want to verify you factored in the land so the program could do the depreciation correctly. For example, if you paid $85,520 and $10,000 of land, it would give you $75,520 for the depreciable Basis.
