Am I required to claim rental property depreciation on my Schedule E (line 18)?

[Eab19]

where should i put information to get to line 18 schedule E from turbetax side.

Thanks

[jtax]

You enter the detail of each of the assets and TT figures out what to put on line 18. Very complicated calculation.

This prior answer explains how to do the entry

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/calculate-depreciatio...

[Saxxon442]

If I own a house for 10 years and then move out and it becomes a rental for 18 months do I have to pay depreciation on the house because I know that I don’t have to pay cap gains

[DianeW777]

Yes.  Any depreciation allowed or allowable (the 18 months it was rented whether or not you took advantage of the deduction) during the rental period will be recaptured and will be taxable limited to the actual amount of gain on the sale.  

Carefully answer the questions in the asset section of the rental activity.  

1. Answer - No, I have not always used this item 100% of the time for this business.
2. Answer - No, Special Handling Required?
3. Begin to answer the questions about the Home Sale
4. TurboTax will do the rest once this has been completed

[ansettax]

Hi,

I'm just reading this and makes me worried. I bought a property in 2014 which I have been a renting it out.  I've always hired an accountant to do my tax until 2020. I did my 2019 tax on my own using TurboTax but pretty much followed the same way the accountant had filed for me in the past. Now that I am reading this, I've learned they have never filed any depreciation for me on that property. What's the best I can do now? 

[Critter-3]

EMPLOY  a local tax pro to file a form 3115 on your next tax return to get this mess cleaned up.  

[Mike9241]

see a professional.   you really haven't provided enough info for us to tell whether or not the rental was eligible for depreciation.   did you rent below FMV? did you rent to family or friends? during any year did you use it personally?     in the event you qualify you need to change your accounting method for depreciation which requires the filing of form 3115.   many people do not attempt to do it themselves. 

[ansettax]

Hi Thanks for your reply. It's a condo studio in NYC. Current market price is about 500K. I have been renting out slightly below market price to friends. 

As for hiring a pro to file 3115, is it better I go back to the original accountant who has done maybe 5 years of tax for me while I owned this property? Or any good accountant should be able to handle this?