Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

prior to this year, I never listed the rental house itself as an asset on Turbo Tax so depreciation was never calculated. Now I have sold the property and I don't know how to proceed.

Investors & landlords

Depreciation is required, so you missed out on previous deductions.

 

Go to a tax professional to fix this.

ThomasM125
Expert Alumni

Investors & landlords

You can enter the asset in TurboTax and the program will calculate the prior and current year depreciation and list them on the entry screens. You can note the amount and then delete the asset entry if you don't need it in the current year.

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JohnB5677
Expert Alumni

Investors & landlords

You can also Amend your tax returns going back three years and get credit for the previous depreciation.  You must complete Tax Year 2017 by April 15th of this year.

 

Be sure that dates and amounts match with what you posted to 2020.

 

@gwoolery12

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Investors & landlords

If you have not taken any depreciation  at all then you should not amend anything ... instead you file a form 3115 with the 2020 return to fix this error.   The form 3115 is not a DIY project and the program will not do it for you so PLEASE seek a local tax professional for the 2020 return and get this fixed correctly.  

Investors & landlords


@JohnB5677 wrote:

You can also Amend your tax returns going back three years and get credit for the previous depreciation. 

@gwoolery12


 

No you can't amend (assuming you incorrectly did not take depreciation for 2 or more consecutive years.

 

As Critter pointed out, you need to file Form 3115, which is why I said to go to a tax professional to fix things.