2193566
You'll need to sign in or create an account to connect with an expert.
No, you do not have to recalculate anything. However if not all of your assets transferred from 2019 to 2020 you need to enter them. The basis for depreciation would be the same as it was for 2019. By using the 2019 return to enter the information for the asset (including each capital improvement) the prior depreciation will automatically calculate.
If there were several assets and you would like to see if they will transfer or import into 2020 you can follow the steps below. Keep in mind you may have to clear and start over.
This links below may provide some helpful tips to correct the problem. Here are two articles for assistance.
If you prefer not to start over, then you would have to add the assets manually in the rental activity to accurately calculate the sale. With the 2019 return open or the depreciation worksheet printed you would have the information you need. Enter them exactly as they appear.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
syounie
Returning Member
ramseym
New Member
DallasHoosFan
New Member
eric6688
Level 2
user17538342114
Returning Member