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Depreciation for rental property - recreating Depreciation schedule

In 2023, I had a rental property with two years of 27.5 yr  SL depreciation accumulated, based on the initial cost basis at the time it was put in service. In 2023, I had to make improvements ( new appliances, flooring  etc) which required a separate entry and for which TurboTax assigned as a 5 yr, MQ,  DB 200 depreciation schedule.  TurboTax calculated the latter depreciation at  $1362.  All of this agrees with my manual calculation using the above method.  Unfortunately, my TurboTax file for 2023 was corrupted and for 2024 I have to start from scratch as if I had used some other program, and try rebuilding the history.  I can get the initial depreciation schedule input ok, but I cannot figure out how to enter the 2023 improvements information along with it- TurboTax  seems to allow either one or the other. but not both.  Since they have different in-service dates and depreciation methods, this is a real problem.   How do I enter this information to get the correct depreciation for  both the improvements and the baseline depreciation?

Thanks

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2 Replies
KrisD15
Employee Tax Expert

Depreciation for rental property - recreating Depreciation schedule

Did you first setup the rental profile and enter the information about the rental building and land as well as date placed into service?

If yes, stay in the rental section, but go down to the Assets/Depreciation.

 

If you leave the rental section, go back to "Rental Properties and Royalties"  

Select UPDATE

Yes, review and continue to the "Rental and Royalty Summary" screen

Select EDIT for the rental on the list

 

Select UPDATE for Assets/Depreciation

YES go to summary

The rental should be on the list 

Select "Add an Asset" to add the improvements

Select "Rental Real Estate Property"

Select "Appliances, carpet, furniture"

 

Continue through the interview

the asset will be depreciated at 5 years rate 

 

 

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Depreciation for rental property - recreating Depreciation schedule

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