Why is Rental Property Depreciation (for the Residential Building) not showing up on 2020 turbotax?

[tagteam · Accepted solution]

It does not appear as if the depreciation deduction under Expenses/Assets (Depreciation) for some reason.

However, in the Rentals and Royalties summary under Net Income, you should be able to determine whether depreciation has been deducted from gross rental income.

[Carl]

That could be because of a faulty import from the 2019 tax file (or not importing at all). If you marked the asset(s) as converted to personal use on the 2019 return, then that's another reason the program might not import it - though I would expect it to import it anyway.

If 2020 is your first year renting this property, then you may need to actually enter the asset in the Assets/Depreciation section.

From what I see in my desktop version of 2020, it's quite unusually for the assets/depreciation section to actually be working this early (dec 2020). Commonly the depreciation stuff isn't finalized and approved by the IRS until after the middle of January.

[tagteam]

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@Carl wrote:

If 2020 is your first year renting this property, then you may need to actually enter the asset in the Assets/Depreciation section.

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Why not set up an online account and enter an asset? I did and the depreciation deduction does not appear in the relevant section.

The program does, however, actually calculate the deduction from gross rental income (which can be seen in the net income figure) but the deduction does not appear as an expense (for depreciation) in that section of the program.

[Carl]

Overall, I suspect it's just a case of where TTX doesn't have everything set up yet.

[tagteam]

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@Carl wrote:

Overall, I suspect it's just a case of where TTX doesn't have everything set up yet.

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That would be my suspicion as well. The OP (and other users) probably just need to wait a few more weeks at which time that section should be fully operational.

[Critter-3]

The form 4562 is not slated to be ready until 1/21 or later ...  https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

[tagteam]

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@Critter-3 wrote:

The form 4562 is not slated to be ready until 1/21 or later ...  https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

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Good point. However, this issue appears to be programmatic as the depreciation figure appears in the desktop products (at least in Home & Business), but not in the online versions.

[Critter-3]

That is not out of the norm for the program at this time of the year ... much is not functional yet and only time and updates will solve this issue.  😉

[ggordon5]

I have checked both sections where this number is calculated at the total amount for rent and royalties and individually at each property. Depreciation that should be applied and carried over from previous years, is not being listed or calculated. I cant get ahold of any live person at turbo tax because they suck. Any ideas?

[hellogoodbye]

I am having the same issue

[ggordon5]

How do we get ahold of a live person at TurboTax.  The only reason we buy TurboTax is for them keeping info from previous years and making it easy. 

[Critter-3]

There is a known glitch in the asset transfer section that I don't believe is fixed yet ...   but unless you are willing to start all over from scratch to see if all of them are now there   it may be simpler to just enter the assets using last year's depreciation worksheet.  

[wwr1956]

I agree with ggorden5 - I used to to taxes - even with a business on my own, Turbo tax made things easier- by transferring info from one year to the next. - that is why I have been a customer for quite a while - but if this glitch cannot be fixed and my info will not transfer and I have to enter things on my own - why pay for a service I am not getting?   Hey turbotax when will this be fixed?

[ggordon5]

How do we know it’s known issue and when will we be updated on the fix. Clearing this year and starting again. Isn’t a huge deal. But not ideal.