DaveF1006
Expert Alumni

Investors & landlords

It depends. Here are some suggestions that may address the issue.

 

  1. When you access the rental property section in your return, you will reach a page that asks Do Any Situations Apply to This property? Here you will will check the box i sold or disposed of the property in 2022. it mentions the depreciation section will appear later in the interview.
  2.  Once you entered the property profile, you should reach a summary page.  Select Sale of property and Depreciation.
  3.  The next section will ask if you have assets that can be depreciated.  Here you will say yes.
  4. Continue through the screens until it asks you to describe this asset. Here you will select Rental Real Estate Property.
  5. Continue throughout until you reach a page that says Tell us About the Rental Asset.  Here you list things like and then cost of land. Also, mentions the date that you sold the property.  The data entered in this section will determine the prior depreciation of the building.
  6. Next screen will ask if you have used this 100% of the time since you owned the building. This also plays a factor in determining prior depreciation that needs to be reported. 
  7. Now if everything is entered in such as way i previously described, you will reach a screen that looks like this screen shot.  In my scenario, i do have prior depreciation added. If your screen shows 0, you have more work to do as you may have missed a step.  Here is the screenshot.

 

@derelict 

 

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