First year using TurboTax, switched over from Tax Act. I have a couple property rentals. I'm stuck on the question of entering prior year depreciation. TurboTax calculated the amount, but I actually started depreciating (by mistake) some years after I had purchased and was renting the properties.
TurboTax suggested I could find the cumulative prior depreciation on my tax return. Is this Form 4562, MACRS deductions for assets placed in service in prior years? That's the only amount I see. But then where is the current year depreciation expense? I thought it was Schedule E line 18, but why is that amount exactly the same as the MACRS amount for prior years? (I wonder if I've been entering prior year depreciation wrong in Tax Act all these years!)
I am confused. Am I supposed to go back to all my prior tax returns individually and add up these Schedule E depreciation amounts?
