Is it possible to calculate previous years depreci...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
gwoolery12
New Member

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

prior to this year, I never listed the rental house itself as an asset on Turbo Tax so depreciation was never calculated. Now I have sold the property and I don't know how to proceed.
5 Replies
AmeliesUncle
Level 11

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

Depreciation is required, so you missed out on previous deductions.

 

Go to a tax professional to fix this.

ThomasM125
Employee Tax Expert

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

You can enter the asset in TurboTax and the program will calculate the prior and current year depreciation and list them on the entry screens. You can note the amount and then delete the asset entry if you don't need it in the current year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
JohnB5677
Expert Alumni

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

You can also Amend your tax returns going back three years and get credit for the previous depreciation.  You must complete Tax Year 2017 by April 15th of this year.

 

Be sure that dates and amounts match with what you posted to 2020.

 

@gwoolery12

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Critter-3
Level 15

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?

If you have not taken any depreciation  at all then you should not amend anything ... instead you file a form 3115 with the 2020 return to fix this error.   The form 3115 is not a DIY project and the program will not do it for you so PLEASE seek a local tax professional for the 2020 return and get this fixed correctly.  

AmeliesUncle
Level 11

Is it possible to calculate previous years depreciation on a rental house if I have neglected to list it as an asset on Turbo Tax in previous years?


@JohnB5677 wrote:

You can also Amend your tax returns going back three years and get credit for the previous depreciation. 

@gwoolery12


 

No you can't amend (assuming you incorrectly did not take depreciation for 2 or more consecutive years.

 

As Critter pointed out, you need to file Form 3115, which is why I said to go to a tax professional to fix things.

 

Dynamic AdsDynamic Ads
v
Privacy Settings