Where in turbotax do I go to get a depreciation report and basis on a rental listed on schedule E?

Forum|Forum|4 years ago
August 1, 2022
8 replies
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DoninGA

Level 15

The Depreciation and Amortization Report will be included in the PDF of the tax return for the 2021 online editions when you use Print Center and the option for all worksheets. Or in the PDF of a prior year online tax return.

To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show. Click on the Year and Click on Download/print return (PDF)

Or -

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.

This will take you back to the 2021 online tax return.

Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets

If using the TurboTax desktop editions the report will be available in Forms mode, listed on the left side of the screen. Click on Forms

cbusaAuthor

Level 4

Sorry I should have put for desktop, is there a way to see historical depreciation taken every year and prior years. I have used turbotax for multiple years.

DoninGA

Level 15

The Depreciation and Amortization report will have the asset, date placed in service, the basis of the asset, prior deprecation and current year depreciation.

There will also be an Asset Entry Worksheet for each asset you entered. On the Worksheet will be QuickZoom button for the Asset Life History which will have the amount of deprecation for each tax year from the date placed in service.

Carl

Level 11

If you elect to print everything to include all worksheets and calculation forms, for each rental property, two form 4562's for each property will be included. Both print in landscape format. One is titled "Depreciation and Amortization Report" and is most likely the one you need. The other is titled "Alternative Minimum Tax Depreciation Report".

The first one will show you a list of all assets, along with the total of all prior year's depreciation on each asset, and the current year's depreciation on each asset. To get the total depreciation taken on an asset, simply add together the amounts in the "prior year's depr" column and the "current year depr" column.

The only reason I can figure as to why you need this, is because you either sold the property in 2021, or are planning to sell the proeprty in 2022 if you haven't done so in 2022 already. If the latter, you really don't need to do all that math yourself. The program will do it 'for you" if you report the sale in the assets/depreciation section of the SCH E part of the program.

There are many other reasons you could need that information. But selling the property is the most common.