Turbo Tax is not figuring my Assets depreciation correctly this year? Why?

[KurtL1]

There has not been any reporting of depreciation calculation errors this year.

I cannot see your return to see where the depreciation is calculated. Without knowing the type of asset, cost, date acquired, and depreciation calculated I am unable to adequately answer your question.

[Carl]

Why, specifically and explicitly do you believe the program is wrong? Rental asset? Business asset? Farm Asset?
Some other type of income producing asset?

[robertcross2002]

i am a farmer. I am trying to depreciate the painting of my barns. Program keeps coming up with zero.

[ThomasM125]

Normally, painting is considered a repair and maintenance item, so you could probably deduct it as an expense.

If you decide to depreciate it, however, what type of property are you selecting for it?

[Carl]

I am trying to depreciate the painting of my barns.

The cost of painting a structure is not depreciated. It's a flat out expense.

In order to qualify as a property improvement asset that is capitalized and depreciated, two criteria must be met.

 - The improvement must become "a material part of" the structure.

 - The improvement must add "real value" to the structure. In other words, when appraised by a certified, qualified, licensed property appraiser they will appraise it at a higher value than they would have without the improvment. Painting alone does not add value to the property. Theres no guarantee a buyer will pay more just because it was painted. In fact, they may not even like the color.

However, when you do a "real" property improvement (such as replacing the siding) you will of course paint it after you replace that siding. But the cost of painting is included in the total of the property improvement cost. It is not separated out from it.  Doesn't matter if you only replaced siding on one side and painted the entire structure to make everything match. That cost of painting is "still" a part of the property improvement.

[Andy43]

I am having the same issue.   I purchased a new vehicle (financed).   Turbo Tax says it "we will cover depreciation and other... later" but it never does.

Any help will be appreciated. 

[VolvoGirl]

Probably not ready yet.  There will be many program updates to come.  Be patient.  The IRS isn't taking returns until Jan 27, 2021 or later.

[marjeanb]

Same problem - not doing the depreciation nor the sale of a rental unit

[JotikaT2]

Please see the attached help for steps on how to correct this issue.

How do I fix my Rental Property and Royalties Depreciation if I have not filed my income tax return ...

[Ocean Shores]

They just left mine off entirely.  I expected auto fill as I have been getting that for 10 years.  I didn't receive a prompt to do it myself.  It was only when I printed that I found out what happened.  Unfortunately I had efiled 5 minutes prior to the discovery of the errors.  Now they won't help me.  They have cost me 5 grand.  I spent a long time on the phone only to be told they had no answer 

[Ocean Shores]

For me, it was my 3 rental houses that I have owned for 10 years.  It has auto-filled the depreciation every year until now.  There was no notice of a change.  The folks at TT haven't a clue and can't help me.  

[Ocean Shores]

Your answer helps not at all.  

[ColeenD3]

You can amend and include the depreciation. Go to the asset section of each house and enter the information. To amend 2020 follow these steps.

First, make sure you really need to amend and that your 2020 return was accepted in TurboTax Online or paper-filed through the mail. You can't amend a return that hasn't been filed yet.

When you're ready to amend, find your situation below and follow the instructions.

TurboTax Online

TurboTax CD/Download

[VolvoGirl]

@Ocean Shores   Did you Transfer from 2019?  Did other things transfer over?  Are you using the Desktop program or the Online version?  You may have transferred from the wrong account or wrong 2019 file.  Or maybe in 2019 you marked the assets as sold or final?  Are you filing them on Schedule E for Rentals or Schedule C as Business?