I accidentally deleted a property and all its depreciation history in TurboTax online

[KDP2]

I am using the online version.   Does it have a Forms mode, so I can see if there is still a record of that history of depreciation from that property?  If not, is there any solution to my problem?

[DianeW777]

Yes, there is a solution that will work for you. There are some steps to take to add your property back. First, I would consider clearing your return and start over to transfer your data a second time. If you haven't paid you can do this now.

• How do I clear and start my return over?

Next it's important to clear your cache.  It handles many issues that seem nonsensical on a regular basis with online activity. Watch to be sure you are selecting 'all time' as example.  Do not use selections like 'last hour' for those browsers that give  you options.

• How to clear your cache

Once this is complete open your return and try again.

Lastly, you can add the property back with all the depreciable assets to your return using your 2024 tax return. Enter it exactly as it is listed. This will accomplish the same goal, if you aren't prepared to clear and start over.

[KDP2]

Thank you so much, Diane W777.  I decided to go through my own notes on assets for the last five years and re-enter them, although the program would not let me choose whether to depreciate for 5 or 7 years—it just chose 7 years, and I know that until now they were on a 5 year recovery period.

Regarding the advice that I should be able to go to my 2024 returned and see a list of all depreciable assets (from form 4562), I don’t think that is true.  If an item (such as a sofa) was put into service that year, it will list it, but any items that may be on their 2nd, 3rd, etc., year of depreciation are not listed, including, of course, what year they are on or what the method is.

The program probably keeps track of it internally and adds it in, but the user cannot see it.  I used to get a worksheet (not a form) that listed everything that had ever been depreciated, with dates, convention, and method.  No more.

If that doesn’t seem right to you, please let me know.  I am grateful for your help.

[PatriciaV]

TurboTax includes a worksheet that lists all your depreciable assets with all the details you need to re-enter them. The title is Form 4562 Depreciation and Amortization Report. This is not an IRS form, but it is included in your complete tax return for your files.