- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I sold a rental property last year. Never took any depreciation on my taxes. TurboTax is calculating that I should have taken 56233. Depreciation and since I never took any I think it should be zero.
Topics:
posted
June 6, 2019
10:51 AM
last updated
June 06, 2019
10:51 AM


1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I sold a rental property last year. Never took any depreciation on my taxes. TurboTax is calculating that I should have taken 56233. Depreciation and since I never took any I think it should be zero.
No, the IRS mandates that taxpayers take the depreciation that was claimed OR COULD HAVE been claimed. You can amend past tax returns (up to the limit) and take the depreciation due you, but you cannot opt out of reclaiming the depreciation when you sell the property whether you actually took it or not.
June 6, 2019
10:51 AM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I sold a rental property last year. Never took any depreciation on my taxes. TurboTax is calculating that I should have taken 56233. Depreciation and since I never took any I think it should be zero.
No, the IRS mandates that taxpayers take the depreciation that was claimed OR COULD HAVE been claimed. You can amend past tax returns (up to the limit) and take the depreciation due you, but you cannot opt out of reclaiming the depreciation when you sell the property whether you actually took it or not.
June 6, 2019
10:51 AM
Still have questions?
Make a post