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cguo168
New Member

How to enter accumulated depreciation for rental property? I only see first year rented in Turbo Tax that starts depreciation fresh from scratch.

 
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2 Replies
MarilynG1
Expert Alumni

How to enter accumulated depreciation for rental property? I only see first year rented in Turbo Tax that starts depreciation fresh from scratch.

You don't enter Accumulated Depreciation, TurboTax calculates it for you.  You can see the Accumulated Depreciation on Form 4562. This is based on the date you started renting the property (Property Profile). 

 

If you have been renting the property previously, when you enter your Rental Expenses, TurboTax shows you the Depreciation Deduction for this year. 

 

@cguo168 

 

 

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Carl
Level 15

How to enter accumulated depreciation for rental property? I only see first year rented in Turbo Tax that starts depreciation fresh from scratch.

YOu don't figure that. The program does it for you.

If you imported from last years .tax2021 file, then there's nothing to figure, as the prior year's depreciation is imported.

Otherwise, when you enter the property in the assets/depreciation section, if it was placed in service prior to 2022, then the program will automatically figure the prior depreciation, based on the in-service date you enter, along with the MACRS classification you select. If the prior year's or current year depreciation does not seem correct, then there's a user mistake somewhere. Could be on the prior year tax return, or the current tax return you're working on.

 

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