Is accumulated depreciation on a rental property identified anywhere in my prior year tax return?

[PEK7697]

When selling an investment property where do you get to claim any unused portion of the Depreciable Basis total found on the Depreciation and Amortization Report ?

[tagteam]

What do you mean by "unused portion"? 

Depreciation ends (stops) when you sell the property regardless of how many years (or months) were left on the recovery period.

[Carl]

Claim unused portion? There's no such "claiming" unused depreciation.

Many folks don't understand that depreciation is not a permanent deduction. When you sell the property, all depreciation already taken on the property is recaptured by the seller in the year of the sale. That recaptured depreciation is added to your AGI and is taxed at the ordinary income tax rate. So there is no such thing as "deducting remaining depreication". But there is a "recapture" of depreciation already taken. Another aspect of the recaptured depreciation, is that it also has the potential to bump you into the next higher tax bracket. But there's a limit for recaptured depreciation. It gets taxed anywhere from 0% to a maximum of 25%

[dwatkins52]

Can you tell me where do I find this report?

[tagteam]

Use Forms Mode. In the forms list, look for Form 4562 - Depreciation and Amortization Report.

[dwatkins52]

I sold my rental home in 2021 and currently working on my 2021 taxes using Turbotax Premier, can you tell where to find/obtain the "Depreciation and Amortization Report" ?  I need to enter the total depreciation taken on the property over the last 25 years in the Sales of Business or Rental Property section.  Thank you.

[dwatkins52]

I only saved a copy of the 2020 tax return filed by Turbotax last year.  Do I have to open my 2020 Turbotax program to retrieve this information?  If so, I'm out of luck, when I tried Turbotax asked for my 2020 license code which I do not have.  Is there another way to get it?

[tagteam]

Contact Support:

What is the TurboTax phone number? (intuit.com)