Why is Turbo telling me my prior depreciation on a rental property is too large?
You'll need to sign in or create an account to connect with an expert.
did you use TT in prior year?
You changed something that you should not have changed most likely. Now if 2019 taxes is your first time using TurboTax, then you did not enter the correct information from the 2018 tax return. Specifically the 2018 IRS Form 4562 that prints in landscape format and is titled "Depreciation and Amortization Report"
Another possibility is that you entered the wrong cost basis for an asset, and the cost basis you entered was lower than it should have been.
Another possibility is that you incorrectly claimed personal use days.
As you can see, there's all kinds of possible reasons for this. So you need to provide more details. Just asking "why" doesn't provide anyone with any facts to work with.
Has the business percentage varied from year to year?
If you did not use TurboTax in prior years, make sure you have the "asset" categorized correctly. And make sure the "prior depreciation" is correct (if you leave it blank, the program will automatically assume you took the correct prior depreciation).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17565875357
New Member
mjtax20
Returning Member
tucow
Returning Member
Idealsol
New Member
c0ach269
Returning Member