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Returning Member

How do I get 2019 turbo tax to import rental prop info from 2018?

2019 turbo tax had lost all the info about one of the rental properties that I have had in the books since 2011. Information is still in all of my prior year's turbo tax files. How can i get the 2019 to download info from my 2018 files? Or do I start a new return and hope it will download all information? Or maybe just manually enter all the info again by adding a new asset?

4 Replies
Level 15

How do I get 2019 turbo tax to import rental prop info from 2018?

Are you using the Desktop program?  Maybe last year you indicated it was sold or the Final year?  

 

Here's an idea. Do you still have 2018 installed? Try opening the 2018 program and see if you can get your 2018 return to show up in it and if it is the right return. Go to FILE - OPEN. And see if your property is in it and if it's marked as finally disposed. Or any Assets were disposed or sold.

 

Then save it again with a name and place you can find. Go to File - Save As. Then start a new 2019 return FILE-NEW and transfer from the saved 2018 file.

Level 15

How do I get 2019 turbo tax to import rental prop info from 2018?

If you're using the CD/Desktop version of Home & Business, then rental property is the first thing you deal with after the MY INFO tab. It's quickest to just exit the 2019 program, then delete the .tax2019 file in the docuements/turbotax directory. Then fire up the program and its "as if" you started it for the very first time.

After working through the MY INFO section the first thing you do under the Business tab is check the data on all the rentals. Otherwise:

 

If using the online version of Turbotax, you will need a print out of certain specific pages from your 2018 return, relating to "that" "specific" "property" that did not import.

You need the two 2018 IRS Form 4562's for that specific property. Both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation.

The other you need from the 2018 tax return is the IRS Form 8582 which shows your carry over losses. If the 8582 is not present, then you don't have any carry over losses. If you did have carry over losses before, then the absence of the 8582 indicates you used all those lossses up on the 2019 return. While it's perfectly possible, it is "not" common to not have the 8582 when it comes to rental property.

When entering the data for your 2019 return, be aware of the following.

1) Enter each asset *exactly* as it appears under the Description column on the 4562.  All numbers/datea "MUST" "MATCH" with one exception.  When the 2019 program asks you for the "prior year's deprecation already taken", to get the correct figure for that box take a look at the 2018 forum 4562 *for* *that* *specific* Property*. (the first one I mentioned). Add together the amounts in the "prior years depr" column and the "current year depr" column on the 2018 form 4562. Enter the total in your 2019 return where it asks for prior year's depreciation already taken.

When asked for the carry over losses from 2018, take a look at the 2018 forum 8582.  You need the carry over loss from "that" "specific" "rental" *property* if any. It will be on page 3, worksheet 6, column b.

 

Returning Member

How do I get 2019 turbo tax to import rental prop info from 2018?

Thanks for your response.

I am using the CD/Desktop version of Home and Business and I do have my 2018 turbo tax files open.

I was hoping to avoid having to start a new return as I am already midway thru with this one. 

Returning Member

How do I get 2019 turbo tax to import rental prop info from 2018?

Hi Champ.

Thanks for your response. 

I am using the 2019 Home and Business version as I had been doing the last couple of years.

I will try your advise and will let you know if it worked for me. I am hoping to avoid having to start a new return.

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