turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I enter Special Depreciation (section 168 K) taken in a prior year on a rental property asset?

There is a field to enter prior years section 179 deduction, but I can't find one for Special Depreciation.  I wasn't using Turbotax in the year the property was acquired, so I need to add the info now.  I want to enter it properly as prior Special Depreciation (rather than just prior regular depreciation) because I'm depreciating the asset regularly for the state return -- NY does not follow Federal rules for Special Depreciation.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
SantinoD
Expert Alumni

How do I enter Special Depreciation (section 168 K) taken in a prior year on a rental property asset?

What type of asset did you take the special depreciation on and in what year? What was the percentage you took?

How do I enter Special Depreciation (section 168 K) taken in a prior year on a rental property asset?

Thanks for the reply.  The asset was an appliance for a residential rental property in 2019, and I took the full 100% allowed.  But I think I found my answer - the federal review brought me to a form where I could enter the regular and amt special depreciation amount I had taken.

SantinoD
Expert Alumni

How do I enter Special Depreciation (section 168 K) taken in a prior year on a rental property asset?

Ok great, as long as you enter it there, TurboTax should guide you so it's adjusted on the NY state tax return. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question