Prior Year Depreciation and Amortization Report

[bjaws45]

Hello -

In late 2023, I sold 2 rental properties to acquire 1 much more expensive property as part of a 1031 exchange.  Unfortunately, I have been told by TurboTax support that TurboTax online cannot handle a 2 for 1 1031 exchange and that I need to use desktop TurboTax.

That being the case, does anyone know how I can get my prior year (2022) Depreciation and Amortization report if I did not download it when I filed my 2022 return?  I have access to my 2022 return, but the Depreciation and Amortization report is not part of the base return download.

[PatriciaV]

If you used TurboTax last year, you should be able to access and print a copy of the Depreciation Report from that return.

For TurboTax Online, see How do I view, download, or print a prior-year tax return?

For TurboTax for Desktop, you will need to open your tax file using TurboTax for that year on your personal computer. See also: How do I find last year's tax data file (.tax file) on my computer?

In either return, look for Form 4562 Depreciation and Amortization Report (abbreviated Depr Report).

[bjaws45]

Thanks @PatriciaV!

I have downloaded my return and can find Form 4562 for each property, however, Form 4562 does not show prior year depreciation or the original basis of the property.

Do you know if there is another file w/ additional schedules that I will need to download?

[PaulaM]

The depreciation repot will show the original basis in the labeled 'Depr Basis' column. Continuing to the right, will show you 'Prior Depr', 'Current Depr (2022)', and the 'Accum Depr'. 

Are you seeing something else? 

[bjaws45]

Thanks @PaulaM .

Unfortunately, Form 4562, Part III, Section B, column (c) "Basis for depreciation" shows only the basis of costs capitalized after rental property acquisition (e.g. basis for a new heat pump).

The real estate / rental property basis is not visible, and for the rental property, I have only a value in Section A, Item 17 (which is only the most recent year of depreciation, not the basis or any prior year depreciation).

Ben

[PaulaM]

Look for a document labeled Depreciation and Amortization Report or Schedule E Worksheet - Depreciation Report. Not the actual Form 4562. It reads differently depending whether you are using TurboTax Individual or Business programs. 

You might need to resave and choose to save all documents including the worksheets.

[bjaws45]

Thanks again, @PaulaM.

Actually, the first thing I did when trying to find this information was look for the "save all documents including the worksheets" option.  That option was available when I completed / filed my 2022 return in March last year, but I no longer see that option available.

Any idea how I can get access to the "all documents including worksheets" option now?

[PaulaM]

They only suggestion I see that might work is listed here.