Depreciation for the actual rental property itself? Or some other rental asset?It's one of two things.
1) Your accountant has not been correctly depreciating the assets.
2) YOu entered the wrong number for "prior depreciation already taken" in the program.
Number two is most likely. So lets look at the IRS Form 4562 from your 2018 tax return. There are two 4562's for that rental property and they both print in landscape format. You want the one titled "Depreciation & Amortization Report" and not the one for AMT depreciation. We'll use that form to confirm you entered the correct numbers into the TurboTax program for your 2019 taxes.
In the program elect to edit/update the rental property asset.
On the Review Information screen,
Description should match exactly what is in the Asset Decription column of the 2018 form 4562.
Date: should match the Date In Service on the 4562.
Asset Type: Should be I-Residental Rental Real Estate (the letter "eye", not "el")
COST: your cost basis in this asset. TO get the correct cost basis, look at the 2018 form 4562 and add together the amounts in the Cost (Net of Land) and the Land column. The total is your cost basis in this asset and is the amount you enter in the COST box in the program.
LAND: enter the amount shown in the "Land" column on the 4562 for this asset.
Prior Deprec: The total of all prior year's depreciation already taken on this property. To get the correct figure look at the 2018 form 4562. Add together the amounts in the Prior Depreciation and Current Depreciation columns for that asset. That total is what you enter in the Prior Deprec box in the program.
For Business % I am assuming this property was classified as residental rental real eastate for every single day of 2019. So enter 100% and click continue.
For "Did you stop using this asset in 2019?" I assume you did not. So click NO.
Now on the summary screen you can click Show Details and everything should match up. Your 2019 depreciation amount should be spot on the same as last year for this specific asset. If it's off by a buck or two, that's fine. Since the IRS rounds to the nearest dollar, that's the way the program works. So for example, if you have $2182.00 deprecation on your 2018 return and $2183.00 on the 2019 return, you're perfectly fine.
