I own a duplex and have rented out one side for most of a decade. I had family living in there for a few years, and we made a lot of improvements over the years, so there were a lot of different amounts that started depreciation at different times, and none of it occurred smoothly. Needless to say, it would have been a recordkeeping nightmare if it weren't for the Depreciation and Amortization Report that used to be provided by Turbotax every year. That document saved my butt every time I switched from CD to online version, or went back to Turbotax after a particularly complicated & busy year convinced us to use a CPA instead of Turbotax.
Now I'm bac to Turbotax & find that they don't offer that form anymore, saying that everything is just filled in automatically. But since you also don't provide a Form 4562 for properties unless they are new, and you lump all depreciation for each property into one lump sum, I no longer am able to find any way to track the amounts that applied to each improvement, as I will need when I sell it.
Please help me find the actual depreciation amounts that were calculated for each improvement.
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@mamacita66 , my two cents
(a) perhaps consider using Windows download Home and Business -- that will keep everything on your machine and all the calculations are available in worksheets.
(b) the hard way -- enter all the assets anew -- including original depreciable basis, the year put in service etc. -- this should produce new depreciation schedule, for the life of the asset.
Else use Excel spread sheet for each asset and it should pretty much match TurboTax depreciation schedule for the life of the asset. This is what used to do along time ago when I had a bunch of rental properties.
Adios
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