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Form 4562 for Depreciation for Schedule E will be finalized by the IRS on 1/14/21.
Click this link for a list of Federal Forms Availability
If your Rental Property is not showing in the Assets section, you may need to transfer your 2019 again after the form update on 1/14/21.
TurboTax will calculate the depreciation for you when you indicate date you started renting and price of the home/land.
This link has more discussion on Rental Depreciation in TurboTax for 2020.
Early March and while the form is available, I'm getting the same problem where the depreciation amounts don't decrease the building's expenses. Any fix?
We are aware of this experience for some customers. For assets that may not be transferred from the prior year we do have information about how to fix it.
The basis for depreciation would be the same as it was for 2019. By using the 2019 return to enter the information for the asset (including each capital improvement) the prior depreciation will automatically calculate.
If there were several assets and you would like to to see if they will transfer or import into 2020 you can follow the steps below. Keep in mind you may have to clear and start over.
This links below may provide some helpful tips to correct the problem. Here are two articles for assistance.
If you prefer not to start over, then you would have to add the assets manually in the rental activity to accurately calculate the depreciation and list the assets using the information above.
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