I have a rental property from 2016. Last year (2019), turbo tax allowed me to depreciate my rental property. For current year (2020), turbo tax to spit out depreciation amount but for year 2020 - software state $0 allowed. I am confused believe that you can depreciate the rental property for 27.5 year. Am i making some mistake or there is an issue with the software?
Appreciate the help.
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You added a comment on another thread and I answered you, but I'll post my answer here too:
It is probably an issue with the software. There was a problem with transferring depreciable assets on Schedule E this year. I think you either need to re-enter all of the asset or start your 2020 return over by re-transferring everything from 2019 again.
There are a couple of Intuit-created articles about this problem on this forum somewhere, but the "search" feature on this forum is so bad I can't find them.
Appreciate the response.
Is Intuit doing anything about it to fix it? So much waste of time to investigate and circumvent theh problem.
Doesnt make sense to pay for software. I now have zero confidence on my overall tax return.
Hope Intuit does something about it.
From what I understand, they may have fixed the problem for people that transfer from 2019 to 2020 now. But if you have already transferred, the only 'fix' they can do is that you either start 2020 over re-transfer it, or manually redo all of your assets.
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