I’m using Turbo Tax’s default depreciation method for rental property.
Years to fully depreciate – 27.5 years
MARCS Convention – MM
Depreciation Method – SL
For some reason the AMT depreciation report has a value in the adjusted/preference column which is changing the current depreciation value in the Depreciation and Amortization Report.
In the step-by-step section, I entered the prior depreciation, i.e. X.
In the AMT Depreciation Report, there is no value shown for prior depreciation. The current depreciation is X and there is a value in the adjusted/pref column, i.e. Y.
The Depreciation and Amortization Report has the correct value for the prior depreciation, X, but the current depreciation value is X + Y.
The value in Schedule E’s depreciation expense (line 18) is using the current depreciation value form the the “Depreciation and Amortization Report”, (X+Y), instead of just the prior depreciation, X.
I've tried to modify the number via the form, but that number is in black font. I can only modify the fields in blue font.
How do I get Schedule E to just have the value of X, the prior year’s depreciation?
In the "Other Tax Situation" section, the AMT value was zero. I didn’t use Turbo Tax last year so it's not importing values from a previous year.
@GiseleD
@HollyP
@DavidS127
Thanks
