As a longtime TT user and a real estate investor, I'm about to prepare my 2024 tax year and notice that no depreciation deductions are carried forward to 2024 schedule E. This is a big red flag as far as TT software defect is concerned. I decided to go back to review my 2023 and 2022 scheduled E, OMG there was no deductions taken. In short, it looks like as if I did not take any depreciation deduction in 2022 and 2023 tax year for my rental properties. I was making the assumption all these years that the depreciation deductions would carry forward each year in TT for as long I still own the property (27.5 yrs) and run the import from prior year tax return into the current year TT. Unfortunately, this import feature failed to calculate depreciation deduction for the past 2 years. As a consequence, I missed out over $36K of deductions on 3 properties.
Appreciate if someone can assist to recoup these deductions?
