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Level 2
posted Jul 15, 2020 8:33:26 AM

primary home convert to rental in the middle of 2019, no depreciation calculate. how do input property value that depreciation can take it?

primary home convert to rental, I choose "the first year of rental" and " convert from personal use to rental", after I input all income and expense, I found there is no depreciation calculate based on property value. How I can input information for property price that Turbo can calculate depreciation for it such as land value and improvement cost.

0 5 547
2 Best answers
Expert Alumni
Jul 15, 2020 9:10:42 AM

When you first entered the Schedule E section of your return to show that you have a rental property, the details required for depreciation would have been part of the Property Profile section of the Schedule E entry screens.  Go back to Schedule E and go through the Property Profile section once again to be sure that everything has been entered.

 

Use these steps to return to the Schedule E section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “schedule e” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to schedule e”
  • Click on the blue “Jump to schedule e” link

 

 

@cindychenhe74

Level 15
Jul 15, 2020 9:57:21 AM

@cindychenhe74 wrote:

I already into schedule e, should I input the property value to "Residential Rental Real Estate" category?

 

Yes.

 

 

@cindychenhe74 wrote:

And I do refinance for this property 4 years ago, should I use refinance documents or original purchase documents to input expense? 

 

The loan, including refinancing, does not change anything.  You use the LOWER of (1) your Adjusted Basis (usually your original cost, plus cost of any improvements, minus any prior depreciation) or (2) the Fair Market Value when it was converted to a rental.

 

 

5 Replies
Expert Alumni
Jul 15, 2020 9:10:42 AM

When you first entered the Schedule E section of your return to show that you have a rental property, the details required for depreciation would have been part of the Property Profile section of the Schedule E entry screens.  Go back to Schedule E and go through the Property Profile section once again to be sure that everything has been entered.

 

Use these steps to return to the Schedule E section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “schedule e” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to schedule e”
  • Click on the blue “Jump to schedule e” link

 

 

@cindychenhe74

Level 15
Jul 15, 2020 9:20:59 AM

Enter ZERO personal days.

 

You did enter the information in the "asset" section, right?

Level 2
Jul 15, 2020 9:48:19 AM

Thank you.

I already into schedule e, should I input the property value to "Residential Rental Real Estate" category?

And I do refinance for this property 4 years ago, should I use refinance documents or original purchase documents to input expense? 

Level 15
Jul 15, 2020 9:57:21 AM

@cindychenhe74 wrote:

I already into schedule e, should I input the property value to "Residential Rental Real Estate" category?

 

Yes.

 

 

@cindychenhe74 wrote:

And I do refinance for this property 4 years ago, should I use refinance documents or original purchase documents to input expense? 

 

The loan, including refinancing, does not change anything.  You use the LOWER of (1) your Adjusted Basis (usually your original cost, plus cost of any improvements, minus any prior depreciation) or (2) the Fair Market Value when it was converted to a rental.

 

 

Level 2
Jul 15, 2020 5:27:32 PM

I input the property value and it shows depreciation in "assets summary" page but it won't shows in property main page. The vehicle expense is zero too. 

The property rental income is too low to cover operation expense in 2019. Is it the reason the depreciation and vehicle expense calculate but don't show in tax form?