You'll need to sign in or create an account to connect with an expert.
Only the current year's depreciation appears on your Schedule E. The total accumulated depreciation doesn't appear on the tax forms that are filed with the IRS, but if you export your return in TurboTax "with worksheets", it will include a "Depreciation and Amortization Report" page. Check that report for the "prior depreciation" amount. Note that it doesn't include the depreciation from that year in the prior depreciation, so you have to add the "current depreciation" amount to it.
The actual Form 4562 that is filed with your return is just a Summary of the Depreciation for the current year and only lists out the new assets and not the prior the items. You may have a 4562 Depreciation and Amortization Report which does list all the items including fully depreciated items.
If you don't have the 4562 Depreciation and Amortization Report or need more info you need the Asset Life History. The history is only available in the Desktop program not the Online version. If you are using the Online version you would have to download your .tax20yy file and open it in the desktop program.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
chag2020
Level 3
user17759887825
New Member
mrcrull
Level 2
user17777781446
New Member
jawckey
Level 4