Depreciation and Amortization Under Construction 2021

[phil-]

Also dealing with this issue.

I've had about 5 calls with customer support.  It's been frustrating. Several times I had to convince the support staff that this was a bug in the software and not an issue with IRS not releasing a form.  One customer support person said she had 3 calls on this issue.  She did help me find a work around.   In several cases, customer support dropped the call (due to technical issues).

This is for TurboTax desktop (Mac OS in my case).

I have a rental property that was sold in 2021.  TT has a record of this property and the associated depreciating assets.  I can get past the error message..."IRS is still working on the Depreciation..."  by the following:

1. Go into forms and "remove form" Asset Wks (home).   Your's may not be named "home".  Remove form by CMD-Del (for Mac OS), or by using the Menu dropdown 'Forms', 'Remove From".  For some reason, only removing the Asset Wks (home) works.  Removing the Asset Wks for the improvements doesn't work. 

2. Go back to easy step for the Rental Summary and try "Sale of Property / Depreciation".  This should get you past the error.  

3.  Go to your asset summary and update your improvements.  In my case I sold them with the property.  Update all your assets.

4.  Go back to the summary and "Add an Asset".  You'll need to re-enter your rental property and in my case the sale information for selling the property.

5.  This step will generate all the appropriate home sale forms, like 4979, Sched D, Unrecap 1250, etc.  

6.  Once you are complete and try to view the depreciation details in EasyStep, you'll get the error message again, "IRS is still working on the Depreciation..." and won't be able to edit your assets, but now you should have all you need to complete a property sale entry.  You can make changes directly in most case in the forms for each asset, etc.

I hope this is helpful.  Took me many hours to get this far!

Good luck.

[limekiln]

Hi there

Thank you for your reply but I fall at the first 3 words "go into forms".   Inexplicably, their Forms interface is not supported in the cloud version, only the desktop.  So I cannot get into it to delete it. 

But thanks anyway. 

[redraccoon104]

Well, seems like with only a week left until the deadline, TT has decided to just ignore the issue.

[phil-]

Hi, I now see that with the latest software update that I just applied, I'm not longer having the issue/bug.  I'm able to navigate the depreciation section.  For me at least, the issue appears to be resolved.  Lots of wasted time working around this and fruitless calls to product support.  Very frustrating experience.  

[Bphill]

That’s great, but after several hours of updating windows and restarting my computer, the new update fails to install. It did finally install the state 

update, but not the federal. 
I have spent more hours on this than I can count. 

[redraccoon104]

Yes, we called TT, and they said the 4/6 update finally fixed this buG!!!!

[Michael764]

We finally caved in last Sunday, April 03, 2022 and purchased TaxAct.  We spent several hours of going through all the depreciation items over all the years and it was painful.  We never received a response from TT that worked.  All the phone calls to TT and being left without help.  Also, the rudeness of being hung up on when asking for help with the technical issues with the form 4562.  Finally, we gave up.  The TaxAct took awhile to get all information loading into and cost a little more than TT, but worked like a charm.  We finally got a notification on April 06 from TT of an update to this issue.  Even though we used TaxAct, had to see if this update finally worked.  It did.  We then hit another snag as it would not let you file until you had a copy of your personal property tax.  There is a "yes" box and "no" box if you have received the copy of personal property tax.  The only box you could check was "yes" and we had not yet received our personal property tax form.  The copy actually arrived later in the mail that night and we were able to use it.  However, we already filed on April 03, and did no longer need the TT software.  I'm glad that TT fixed the issue and yes we could have probably waited, but to have a technical issue since the middle of January and not fix it till a little over a week before filing being due, was too close for us.  Hopefully all issues are resolved for the rest of you who stayed with TT till the end. 

[AFran]

Yes, I was able to use depreciation last Thursday, April 7th, almost a week before the IRS deadline.

It was a good thing but definitely too late for users that had a lot waiting to get done.