Hi,
For some reason TT premier online is not deducting depreciation from my rental property in 2020, despite it doing so in 2019. I imported it from last year, and only changed the income/expenses.
It's recognizing the imported rental property as an asset and calculating the depreciation correctly under the submenu in the questionnaire, but once I click complete, and go back, there is no value next to the asset and it doesn't subtract it from the income in the summary. In other words, the depreciated value doesn't show up in the summary for that particular property, despite it showing up and being calculated when you click edit.
In 2019 it did it all correctly.
Some info
Rental Property - Foreign
Asset Type - Residential Rental Real Estate
40 Year, MACRS MM, ALT
Date Started 2016
Business Use %100
Not Sold/Retired
Rented all year (366 days)
Active Participant
What am I missing or doing wrong?
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Same with me. It's not being subtracted anywhere from the total. It doesn't list it in the summary, it's registered in the "add asset" screen, and is listed there, but nothing about it registers in the formulas. What's up TurboTax folks??? This needs an answer
I haven't experienced this myself with my 2020 taxes. (I have three rentals) However, I have experienced it in past years. The solution that worked for me was to work through each individual asset one at a time,start to finish. I didn't change, enter, or delete anything. I just "worked it through". Upon completing the assets/depreciation section and clicking the DONE button, all the numbers showed up as expected on the summary screen then.
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