How do I enter rental property deprecation in Turbotax Premier?

[stan-veksler]

I used to use a CPA and now trying to switch to Turbotax Premier. The property was rented out a couple of years ago.
I cannot find where I can enter the date when the property became a rental property and make Turbotax to calculate depreciation.

[HelenC12]

@stan-veksler 

You need to enter the rental property as an asset. In that section you'll be able to enter the cost, date placed in service and depreciation taken in previous years.

• Your CPA should have given you a depreciation schedule. 

On the Rental Summary Screen, go the assets and depreciation.  See the information below.

1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
3. Follow the on-screen instructions as you proceed through the rental and royalties section.
   • We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
   • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

Note: Depreciation (also called capitalization, cost recovery, or amortization) lets you deduct the "used up" portion of an asset's cost every year, until the asset no longer retains any value or has been sold, destroyed, or otherwise disposed of. The concept of depreciation is based on the notion that business assets eventually wear out, get used up, or become obsolete.

[Edited 3-11-2021|6:34AM PST]

[Carl]

If you just work through the Rental & Royalty Income (SCH E) section of the program, the program will figure depreciation "for you", including prior year depreciation, based on the data you enter and selections you make in the Assets/Depreciation section.