How to I enter the depreciation on my rental building itself, not on a smaller related asset?

[waitplease1-]

I don't know where to enter depreciation on the rental building itself.

[ColeenD3]

It is an asset, but it is Rental Real Estate, your first choice. Please see the screenshot below. It is from an earlier year's program, but it should give you an idea.

[waitplease1-]

Yes, I see the screenshot of the TurboTax screen below that says "Describe this asset", "Select the option that best describes this asset", and "Rental Real Estate Property" followed by the three option right below that.  But how do I even get to this screen to begin with?  When I go thru the Schedule E Rental prompts it asks questions about "assets" and whether an asset costs less than $2,500.  There are no prompts/questions related to the underlying building asset itself...and that's the problem!  I need to enter the amount of current year depreciation (and other related information, i.e., cost basis, date of acquisition, etc.) for the rental building itself.    

[waitplease1-]

To:  ColleenD3, Tax Expert -

You said that this screenshot is from an earlier year's program (pre-2020), and I see what it says and means.  But for some reason I can't find reach this specific prompt/page for my 2020 Real Estate building property which I sold in 2020.  For my Schedule E Rental activity in 2020, what are the steps that take me to this specific prompt/page in TT-On-Line?  Please help!   Thank you.   

[RayW7]

If you need to enter depreciation on a property that you have owned for several years then-

To enter depreciation on the building to to in TurboTax:

1. Business

2. Your Property Assets

3. Edit the Property

4.Describe the Property, Rental Real Estate Property

5.follow the prompts for the property including the amount paid for, subtract the land value, enter date purchased, 

6. Enter the amount of Depreciation from Prior Years, this will  calculate the current year depreciation.

If you have been depreciating the property and need to know how much depreciation you have claimed to date, you can go to the forms mode and review the Depreciation and Amortization Report. 

Depreciate residential rental real estate (buildings or structures and structural components) using Straight line for 27.5 years.  Be sure to subtract the value of the land.

[Carl]

How to I enter the depreciation on my rental building itself, not on a smaller related asset?
"YOU" do not enter "ANY" depreciation dollar amount. The program figures and does all that "for you", automatically.

For rental property, assets (which includes the property itself) are entered in the assets/depreciation section. Based on the figures you enter (COST and COST OF LAND) the program will figure the depreciation on the structure value "for you", and record it appropriately on the final 1040 tax return.

As you work through the assets/depreciation section entering your asset(s), remember to read the small print on every screen. For most folks, THE SMALL PRINT MATTERS.