Depreciation of Rental Property

[mjrainsdon]

I own several rental properties and have used Turbotax premier for the past 5 years. In the past the depreciation for assets placed in service in prior years has been calculated for the current tax year.  I am preparing my 2020 return and uploaded the prior year information. However, there is no information on the original purchase of the rental properties and the associated depreciation ( straight line 27.5 year depreciation). It carried forward the value and calculated the correct depreciation for appliances and furnishings but not for the real property. Is this something new or do I need to do something to get this data from prior years?  I really hope I do not have to re-enter the data for all of these rental properties.

[Carl]

If you are using the online version of TTX, you are not the only one experiencing this. I need more details please so I can notify the mods.

 - Is the rental property imported from 2019? Or are only the "other" listed assets imported?  There have been situations where the property is "IN FACT" imported, but the program doesn't "do the math" for whatever reason. The work-around for that situation is to elect to edit the asset and work it through without changing any numbers. This makes the program "do the math" then.

But then, if the property itself is not imported, then the work-around is a moot point.

So if the property asset itself is not imported, you need to STOP WHAT YOU"RE DOING and wait for a fix. Since data import can only be accomplished when you start your return, once this issue is fixed you will "HAVE" to clear your return and start over from scratch, so you can do the import again.

[BrianCA]

Hi, I am having the same problem with online Premier.  I imported my return on January 11 and for my two rentals, the main property asset wasn't imported, nor were a couple of other previously-depreciated assets (kitchen renovations, HVAC).  They also advised that the QBI forms aren't ready, which might be causing the issue, which was why TT Live recommended to wait until February 18 to clear and start over, rather than try to re-enter the assets that didn't import.

[mjrainsdon]

All of the properties were imported with all of the income and expense information from the prior year. In addition, the program calculated the depreciation for furnishings and appliances. This depreciation was properly deducted to get to an income number, even though the calculated depreciation on furnishings did not show up on the summary of expenses for the property.  As indicated previously, there was no calculation for the depreciation of the real property.  I tried the workaround of editing the property but since no information from 2019 related to the real property value was imported it cannot do the math for depreciation.

I will wait for the fix, clear the data and start again.  Thanks for your reply.

I also use Turbo Tax Business for other rental LLC partnerships. Turbo Tax business properly imported 2019 properties and calculated all of the 2020 depreciation for these properties. This makes me believe that the problem is with premier.

[mjrainsdon]

Thanks for your reply.

I will wait for the updates, clear the data and start again. I am a bit disapointed that Turbo Tax does did not have a messaage indicating that the forms were not ready and not to proceed until the program is updated.

[BrianCA]

I cleared my return again yesterday and had the same issue.  I spoke with support and they indicated that this a known issue and they will send me an email when the error is resolved.  I will reply back here once they do that.

[BillM223]

As noted, this is a known issue. Please see this TurboTax Help page and sign up to be notified when it has been addressed.