Investors & landlords

Now that you have the depreciation detail you will manually enter this information in TurboTax. It is important to make sure your entry matches what was previously entered by the other CPA such as cost basis and the accumulated depreciation (step 13 below).

Please follow the steps below:

Here is a guide for how to go about entering it into TurboTax in order to duplicate the entries that have been made by the CPA and continue the same depreciation.

1. Starting from the Rental Properties and Royalties selection under income, choose Update or Review to get to the details about your rental.
2. Proceed to the Rental and Royalty Summary page, then Edit your rental property.
3. Proceed through the questions until you reach the Review Your ___ Rental Summary page, then Start or Update the Assets/Depreciation section.
4. Proceed to the point where you adding an asset on the page titled Describe This Asset.
5. In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
6. On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
7. Enter the detailed information about the asset:  description, cost, date purchased or acquired.  Click Continue.
8. Continue with additional details on the next screen, then click Continue.
9. Select the appropriate Asset Class, then click Continue.
10. Choose the MACRS Convention, then click Continue.
11. Select the Depreciation Method, then click Continue.
12. Answer the question regarding Listed Property, then click Continue.  There may be some additional background questions as well, keep going.
13. You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
14. Finally, you will see an Asset Summary screen with the current year depreciation amount listed.  There is also a check-box here to Show Details.  This will open a full description for the asset so you can verify that it matches the previously reported information.  If it does not, you can choose to go Back and re-enter the data that needs to be changed.

@MikeSF