Depreciation

[TR0525]

I have duplicates on the Depreciation Report printed from Turbo Tax and I have an asset that is on the Depreciation Report but not showing on the list of assets.  Why? 

[Carl]

I assume you are looking at the IRS Form 4562 titled "Depreciation & Amortization Report" that prints in landscape format, and not the one titled "Alternative Minimum Tax Depreciation Report".

It's important that you look at the same form from your 2018 tax return. Are any of the same assets duplicated on the 2018 form 4562 also? If so, this could be a major issue.

It would also matter if the rental property had major losses due to destruction (natural disaster, fire, etc.) in 2018 or 2019. That might be why you see duplicate entries. Is the 2019 depreciation amount the same on both entries?

[Carl]

not showing on the list of assets.

Look at the bottom of the 4562 and see if it's listed there as an amortized cost, as opposed to a capitalized asset. Generally, amortized cost, such as loan acquisition fees are entered in the assets/depreciation section. But they're entered as an amortized cost. So that would be on the 4562 titled "Depreciation and Amortization Report" only. It won't be listed on the AMT Depreciation report.