If you need to enter depreciation on a property that you have owned for several years then-
To enter depreciation on the building to to in TurboTax:
1. Business
2. Your Property Assets
3. Edit the Property
4.Describe the Property, Rental Real Estate Property
5.follow the prompts for the property including the amount paid for, subtract the land value, enter date purchased,
6. Enter the amount of Depreciation from Prior Years, this will calculate the current year depreciation.
If you have been depreciating the property and need to know how much depreciation you have claimed to date, you can go to the forms mode and review the Depreciation and Amortization Report.
Depreciate residential rental real estate (buildings or structures and structural components) using Straight line for 27.5 years. Be sure to subtract the value of the land.
