Carl
Level 15

Investors & landlords

Assuming you were gifted the rental property in 2021.

If you will look at the 2020 tax return of the giver, you need the Form 4562 that prints in landscape format and is titled "Depreciation & Amortization Report". You need to enter each asset into TTX 2021, "exactly" as it appears on the 4562. The only two columns on the 2020 form 4562 you will not enter for each asset listed, is the amounts in the "prior years depr" column and the "current years depr" column. The TTX 2021 program will automatically plug in the correct numbers in those columns for 2021, for you.