If you can not get your depreciation to flow through from previous years you may have to enter it manually.
You will need a Depreciation Schedule in order to enter all information from prior years and match the methods, etc. You can find this information for previous years by going to the forms mode in TT 2019 and click on Schedule E Asset Wks (rental property name). Forms mode is in the upper right location of your page.
With previous years information go to Review Your (rental property name), click on Assets/Depreciation Update and follow the prompts to enter your depreciation.
Here is a guide for how to go about entering it into TurboTax in order to duplicate the entries.
- Proceed through the questions until you reach the Review Your ___ Rental Summary page, then Start or Update the Assets/Depreciation section.
- Proceed to the point where you adding an asset on the page titled Describe This Asset.
- In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
- On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
- Enter the detailed information about the asset: description, cost, date purchased or acquired. Click Continue.
- Continue with additional details on the next screen, then click Continue.
- Select the appropriate Asset Class, then click Continue.
- Choose the MACRS Convention, then click Continue.
- Select the Depreciation Method, then click Continue.
- Answer the question regarding Listed Property, then click Continue. There may be some additional background questions as well, keep going.
- You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
- Finally, you will see an Asset Summary screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for the asset so you can verify that it matches the previously reported information. If it does not, you can choose to go Back and re-enter the data that needs to be changed.
