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Investors & landlords
Thank you for getting back to me. Yes, I used TurboTax to prepare and file our 2017 Income Tax. I have looked at the Depreciation and Amortization, Form 4562, which I don't think has any entry for previous years. The only lines filled-in on Page 1 of 2 are Line 1 (510,000.), Line 3 (2,030,000.), Line 17 (6,151.), and Line 22 (6,151.). That is the same amount (6,151) shown on TurboTax's program "Your Property Assets" window. When I click on the Edit button, a Review Information window opens that shows a "Prior deprec." amount of 47,450. I have no idea where that number came from. The "Asset Entry Worksheet" also has that figure listed, but shows no method of computing it. There is a reference to an "Asset Life History" which I cannot locate that may shed some light. My question is: My wife acquired this rental property eight years before we married, and I don't know if this property has been properly depreciated by those who did her taxes. While I have done our taxes for several years, I have not questioned the Prior Depreciation amount until now. The "Asset Entry Worksheet" shows a "Recovery period" of 27.5 [years] and "Year of depreciation" of 17 [years] which I think means that there are 10½ years of depreciation remaining on the property, so I would like it to be correct. If you can help, I would greatly appreciate it. Thanks, Dave