This is my first year using Turbotax. How do I enter my previously calculated rental house yearly depreciation and prior depreciation total into Turbotax?

[mbrady214]

I have been depreciating my rental house since 2008.

[JulieR]

After you complete the Rental Profile information, you'll go to the Assets/Depreciation section and click Start/Update.  Follow the program prompts until you reach the screen that says Confirm Your Prior Depreciation (see sample screenshot below).  You'll repeat this process for each of the Rental Assets you need to enter. 

[CHANEY905]

where is this Prior Depreciation Box  located, I cant find it ????

[Carl]

If you will just work through the rentals section the way it is designed and intended to be used, when you enter the "in service" date (which will be a prior year) then a later screen will ask you for prior year's depreciation already taken.

To get that amount, look at the 2018 IRS Form 4562 for that property and add together the amounts in the "prior year depr" and "current year depr" boxes and enter that total into the TurboTax program.

To keep things consistent, you should enter each asset into the TurboTax program exactly the same way it is entered on the 2018 IRS Form 4562.

Take special note that you should have two 4562's for that property from your 2018 taxes. Both print in landscape format. One is titled "Depreciation & Amortization Schedule" and is the primary one that matters. The other is titled "Alterative Minimum Tax (AMT) Depreciation". You'll only need that one if the program asks you for any data from the AMT depreciation form.

[Bernie3]

Could you please explain this - I see no where to add the year the property was put into service (2009).  This is my first year with TurboTax Deluxe.

Thank you 

[DaveF1006]

To make sure this is clean, please delete all of your information from before and follow these steps in entering all of your rental information, including the expenses and sale.

1. In TurboTax, go to federal>wages and income>see all income>Rentals, Royalties, and Farm>Rental Properties and Royalties (Sch E)>start or revisit
2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
3. Follow the on-screen instructions as you proceed through the rental and royalties section.
   • We'll ask you to enter general information about your rental (like description, address, and ownership percentage)
   • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
   • When you get to the rental summary screen, go to asset/depreciation.  This is where you enter you year you bought the property and amount paid.  This will automatically calculate the amount of depreciation taken in prior years
   • If the amount calculated is different from your totals, you have the option of revising the amount.  

[Bernie3]

Dave:

Thanks for your help but the prompt for what year we bought the property never appears when I work through the steps you provide under the Assets/Depreciation section.  I am using TurboTax Deluxe if that makes a difference?

Is there anywhere else this question might be asked?

Thanks again.

Bernie

[Bernie3]

Dave:

We resolved the problem -- we selected yes to one of the options in the steps and that took us to the questions on purchase of home, etc.  

Appreciate you help!

Bernie