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New Member
posted Jun 7, 2019 4:26:01 PM

How to calculate depreciation on sale of rental property

On the Sales of Business Property screen, how do I calculate the Depreciation?  See screen shot attached of the screen.

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1 Best answer
New Member
Jun 7, 2019 4:26:03 PM

This is the amount of Depreciation that you have taken on the rental, for the entire time you've had the property. If you have worksheets from filing your taxes somewhere else last year, you should have 'depreciation worksheets' attached to the back of your return. 

Your depreciation worksheets will have an amount called Accumulated Depreciation, which is the total depreciation taken on your property to date. 

Otherwise, if you filed within TurboTax in the past, you can report your property sold from within your rental basic info/profile and the Asset/depreciation section. 

2 Replies
New Member
Jun 7, 2019 4:26:03 PM

This is the amount of Depreciation that you have taken on the rental, for the entire time you've had the property. If you have worksheets from filing your taxes somewhere else last year, you should have 'depreciation worksheets' attached to the back of your return. 

Your depreciation worksheets will have an amount called Accumulated Depreciation, which is the total depreciation taken on your property to date. 

Otherwise, if you filed within TurboTax in the past, you can report your property sold from within your rental basic info/profile and the Asset/depreciation section. 

New Member
Jun 7, 2019 4:26:04 PM

I have the cd premier version and the software correctly calculated depreciation for me based on sale price minus land value divided by 330 (27.5 years is 330 months) times number of months rented. I thought it was wrong but it was correct in only calculating a half a month for the first month because I started renting on the first but method of depreciation is mid-month straight line.