177324
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Add Closing Costs a Year Late for Depreciation?

I bought a 2-family house in 2015 and began renting it in 2017 after construction.  When I started depreciating the cost of the rental unit I forgot to include the closing costs.  Must I amend the 2017 return or can I just add the costs to my 2018 return as a new line?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Anita01
New Member

Add Closing Costs a Year Late for Depreciation?

If you add it in 2018, you will see the prior depreciation on the screen, but you will miss that deduction in 2017.  The 2017 amount will be included in the total of depreciation you will have to claim and pay tax on when you sell.  If you don't care about those disadvantages, just enter it as a new asset with the same beginning date as the house.  If you do mind, amend 2017.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question