First time poster, apologies if this is in the wrong section.
I have been using TT Premier CD edition and this year I need to significantly increase the default schedule E rental depreciation on an existing property to account for an increase in basis and subsequently major change in depreciation.
Here's the situation: I have been renting a single family unit for a few years which has been titled with family members, one of whom passed away last year. Because we are in a community property state, the surviving spouse of that family member had an immediate step-up in basis to the value of the property on the date of death last year and the depreciation schedule should have changed accordingly. However we did not know this at the time as the death caught us off guard and we only later realized we should have completed a date of death (DoD) appraisal.
This year we completed the formal DoD appraisal so we now know what the total property value was on the date of death, what the relevant basis was for the surviving family members, and have completed a more formal land to building valuation. We have also calculated out what the depreciation should be each year moving forward. But because technically last year's depreciation was too low, we need to add this on top of what this year's normal 27.5 year S/L would be. Our appraiser told us not to bother filing an amended tax return for 2019 and instead to add extra depreciation this year to catch up to where we would have been. I know what that "extra" number should be for this year and what the 27.5 year S/L depreciation would be moving forward.
The question is not "how do I calculate these" but instead the question is "How can I override the TT default numbers to input those numbers"?
When I go to the rental section it imports last year's numbers (cost/basis of the property, land value, and prior depreciation) all of which are now incorrect. What I really need to correct manually for this year includes
- basis of the property, now updated due to the death
- land value of the property, now updated due to the new valuation
- override the 27.5 year S/L depreciation calculation based on the two points above to "add back" the depreciation I did not take last year but which I should have taken.
I'm sure there's some advanced mode I can go into that will let me manually override this and any assistance in finding the relevant fields would be greatly appreciated. I already now what the final numbers should be, just not how to input them!
Many thanks in advance.
