Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.
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dciucci
New Member

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

I'm thinking about selling it and I know that will affect my income when I sell.
5 Replies
Anonymous
Not applicable

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

look at the last return you filed.  schedule e line 18.  TT also has a depreciation schedule. if this is residential rental accumulated depreciation on the rental should be 60%+ of the cost. 

 

or you could go into the rental schedule and then go to that asset entry worksheet to see what's showing look at line 9   or click on link on line 14 

enolangreven18
New Member

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

Where is the rental depreciation schedule on TurboTax? I've only used TT for 2 years but have sold our house and need to find the depreciation schedule in order to figure out capital gains. 

Critter-3
Level 15

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

Save a PDF of the return and look for the depreciation worksheet ... it is in landscape format. 

Critter-3
Level 15

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

Carl
Level 15

Had a rental house since 2001. used Turbo Tax for almost that long. How can I look to see if I've been depreciating the rental all this time? I don't remember.

You don't need the schedule, as much as you just need to know the total amount of depreciation already taken. To get that total, all you need to do is look at the IRS Form 4562 for that specific rental property.

There are two IRS Form 4562's for each rental property you own. They both print in landscape format. These forms are "NOT" included in your filed return *UNLESS* there was a change in that tax year - such as adding a new asset, selling an asset, or some other disposition of an asset. But the forms are there in the TurboTax program for every single year you filed SCH E.

On your last filed return save it in PDF format (if that hasn't been done already) and make sure to save everything. Don't save just the "files for your records" or "files needed for filing". You need to save EVERYTHING in order to make certain you get the forms you need.

Next, open that PDF file and search for IRS FOrm 4562. Both 4562's will print in landscape format. One is titled "Depreciation and Amortization Report" and is most likely the one you need. The other is titled "Alternative Minimum Tax Depreciation" and will probably show zero depreciation unless your AGI in any one year was of an amount to require you to use the AMT depreciation.

On that 4562 add together the amounts in the "prior year depr" and "current year depr" columns for all assets listed. The sum is the total amount of depreciation you have taken up to Dec 31 of whatever tax year you pulled that 4562 from.

 

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