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Depreciation of Rental Property
I own several rental properties and have used Turbotax premier for the past 5 years. In the past the depreciation for assets placed in service in prior years has been calculated for the current tax year. I am preparing my 2020 return and uploaded the prior year information. However, there is no information on the original purchase of the rental properties and the associated depreciation ( straight line 27.5 year depreciation). It carried forward the value and calculated the correct depreciation for appliances and furnishings but not for the real property. Is this something new or do I need to do something to get this data from prior years? I really hope I do not have to re-enter the data for all of these rental properties.
‎January 22, 2021
9:21 PM