You will need two forms from your 2018 tax return only. Both forms are IRS Form 4562 and they both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation". The most important one is the first one I mentioned.
When entering your data into TurboTax 2019 make sure you list the assets "EXACTLY" as they are printed on the 4562. But here's some clarification you will need for a bit of manual math you will have to perform on your own. for each asset listed.
COST - on the 2018 form 4562 add together the amounts in the "Cost (net of land)" and the "LAND" column for the specific asset being entered into Turbotax. Enter that total in the COST box.
COST OF LAND - Enter the amount shown in the LAND column of the 2018 from 4562.
PRIOR DEPRECIATION ALREADY TAKEN - The program will do it's best to calculate the correct amount, and it's usually within a few bucks of being correct. If so, then leave it alone. Otherwise, if it's off, you need to enter the correct amount of prior year's depreciation taken. To get that correct amount look at the 2018 form 4562 and add together the amounts in the "prior years depr" column and the "current year depr" column. Enter that total in the program in the "Prior years deprecation already taken" box.
WHen you get to the REVIEW screen, which is the last screen for the asset being entered, click the "show details" button and things should be pretty close, if not spot on with the 2018 form 4562. Any dollar amount off by more than $5 "could" be a problem, and if that is your case I'll help you address it - or help determine if it's fine and you just leave well enough alone.
On another note, if your 4562 shows a section for "amortized costs" with data in it, that gets handled a completely different way. But lets deal with that after you get all the depreciable assets entered. Then I'll help you deal with the amortized assets.
YOu will have more questions, and I know it. But instead of bombarding you with all that data now and risking "information overload" on your end, I've got the data ready for you and will post when you realize you need it, and ask for it. So when questions arise, just post back and ask. I'm more than happy to help a fellow landlord - especially when they're new to this game. 🙂
