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Q_Congdon
New Member

Per Turbotax email, there's a problem carrying over depreciation from 2019 on Sch E. Mine are correctly carried over as assets in 2020, but not marked as depreciation

The asset and depreciation amount shows up under the "Your improvements, furnishings and other assets" page, but on the summary page listing income, expenses/assets, the deprectiated amount is not showing up under the Improvements, furnishings, and other assets section.
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2 Replies
JotikaT2
Employee Tax Expert

Per Turbotax email, there's a problem carrying over depreciation from 2019 on Sch E. Mine are correctly carried over as assets in 2020, but not marked as depreciation

Please see the attached links to assist you in rectifying the issue.

 

If you have already tried to file your 2020 income tax return, please use this link:

 

How do I fix my Rental Properties and Royalties (Sch E) to file my 2020 return?

 

If you have not yet filed your 2020 income tax return, please use this link:

 

How do I fix my Rental Property and Royalties Depreciation if I have not filed my income tax return ...

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Q_Congdon
New Member

Per Turbotax email, there's a problem carrying over depreciation from 2019 on Sch E. Mine are correctly carried over as assets in 2020, but not marked as depreciation

Thank you for your comment, but it is not addressing the issue.  Those links were provided by TurboTax in the email alerting me of such.  When I investigated, it appears the depreciations are being taken, but not showing up on the summary sheet.  The amount of rent received was decremented by the depreciation, instead of showing the actual amount claimed, and then listing the depreciation with the other costs.  

 

So there appears to be two issues.  In one, which prompted the alert, the depreciations are not being carried over.  In the other, if I understand how the page is to be displayed, and in my case, the depreciation is coming off the rent total, so the final number is correct, but it is not being listed as a depreciation on the summary page.

And...maybe it doesn't matter.

 

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