Hello everyone, I am in the process prepare my 2025 tax return. Software: TurboTax Premier 2025 desktop edition Filing status: married file jointly. 2024 tax return prepared by acco...
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Hello everyone, I am in the process prepare my 2025 tax return. Software: TurboTax Premier 2025 desktop edition Filing status: married file jointly. 2024 tax return prepared by accountant. (I only have PDF file) We have two rental properties: one single family house, one townhouse. I am working on single family house first On Confirm your prior depreciation scree, it shows two questions: 1. Total Depreciations claimed in previous years 2. Total AMT Depreciation claimed in previous years On 2024 Federal Summary Depreciation Schedule page 1 Under Prior 179/SDA/DEPR the amount shown is: $47,998 (Single family house) Under Current DEPT column the amount shown is: $16,224 (Single family house) Should I add up $47,998 and $16,224 then enter the sum for Total Depreciations Claimed in previous years? Or I should use data listed under Total Depreciation section. Total depreciation section data for single family house cost basis: $1,008,387 CUR/179/SDA/: $3,529 Prior 179/SDA/DEPR: $49,998 Current DEPR: $17,816 Total depreciation section data for Town house cost basis: $149,000 CUR/179/SDA/: $0.0 Prior 179/SDA/DEPR: $6,806 Current DEPR: $2,438 2. Total AMT Depreciation claimed in previous years Which amount should I use on 2024 Federal Alternative Minimum Tax Depreciation Schedule? I attached some screenshot from my 2024 tax return for reference purpose. Confirmation your prior depreciation 2024 summary depreciation schedule 2024 AMT Depreciation Schedule