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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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
Thank you!
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