Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
annamission
Level 2

Is there a way to figure depreciation that is used for our 2 small SP business & 1 rental prop using last years return? Tax preparer passed away & I have no worksheets

Sadly, my tax preparer passed away a month ago.  I am pretty familiar with tax forms and feel I can complete this using the turbotax business/self employment software. The area I am most concerned is areas of depreciation for property use for our 2 very small businesses (sole proprietor)  I am completing Sched C for both businesses and also the Sched E for our one rental property.  The sched E consistently shows a $1818 depreciation expense even going back to 2004. we have had the rental since 1997. 

The only item showing on the 4562 sched is the last year credit for an auto put in place in 2012.

Any assistance would be helpful!

Thanks  Kathy (Deleted)

1 Best answer

Accepted Solutions
MichaelL1
Level 15

Is there a way to figure depreciation that is used for our 2 small SP business & 1 rental prop using last years return? Tax preparer passed away & I have no worksheets

Many times someone else comes in and buys the practice.  If there is anyway you can get the detailed depreciation from the estate or new preparer it would save you a lot of time. 

If that is not possible you will have to reconstruct it, the best you can.  

In 1997 Residential real property had a 27 1/2 year life.  So $1,818 a year would be $49,995 for a building (excluding the land). 

This link it is the 1997 depreciation guide from IRS. 

https://www.irs.gov/pub/irs-prior/p946--1997.pdf

You would enter the Asset in TurboTax as acquired in 1997 and the cost, and accumulated depreciation taken. 

View solution in original post

3 Replies
MichaelL1
Level 15

Is there a way to figure depreciation that is used for our 2 small SP business & 1 rental prop using last years return? Tax preparer passed away & I have no worksheets

Many times someone else comes in and buys the practice.  If there is anyway you can get the detailed depreciation from the estate or new preparer it would save you a lot of time. 

If that is not possible you will have to reconstruct it, the best you can.  

In 1997 Residential real property had a 27 1/2 year life.  So $1,818 a year would be $49,995 for a building (excluding the land). 

This link it is the 1997 depreciation guide from IRS. 

https://www.irs.gov/pub/irs-prior/p946--1997.pdf

You would enter the Asset in TurboTax as acquired in 1997 and the cost, and accumulated depreciation taken. 

annamission
Level 2

Is there a way to figure depreciation that is used for our 2 small SP business & 1 rental prop using last years return? Tax preparer passed away & I have no worksheets

On the schedule E asset worksheet number nine I put down prior deduction of 33,569 which gave me a depreciation deduction of  $1817 -  does this sound about right ?
MichaelL1
Level 15

Is there a way to figure depreciation that is used for our 2 small SP business & 1 rental prop using last years return? Tax preparer passed away & I have no worksheets

Sorry just saw the comment.  Sounds about right as we don't when placed in service for sure first year.  but is is close to 19 years of depreciation give or take a few months. Happy I could help.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v