Rental Depreciation not working 1MAR

[17723926007]

Rental Property Depreciation not working online and it is March 1. Any ideas? Really frustrating.

[DianeW777]

Yes, it is working and has been working for at least a week. Please do the following and update if you have the same experience.

Try clearing the cookies and cache.   It handles many issues that seem nonsensical on a regular basis with online activity. Watch to be sure you are selecting 'all time' as example.  Do not use selections like 'last hour' for those browsers that give  you options.

• How to clear your cache

Once this is complete open your return and try again.

If you are using TurboTax Desktop, save your return, then at the top select Online, then Check for updates.

[17723926007]

Thanks for trying to help! Same issue, deleting cache or  using a different browser where turbo tax was never used. Summary of what happens:

• Depreciation does not show under the rental Expenses summary.
• Under Assets, I add/select “Rental property,” and it correctly pulls prior accumulated depreciation and calculates the current-year amount.
• The asset screen shows the correct placed-in-service date, cost basis, remaining basis, and annual depreciation amount.
• I complete the entire asset interview and click “Looks good.”
• However, when I return to the Rental summary page:

• The asset still shows as “In Progress.”

• The total expenses remain unchanged.

• No depreciation line appears.

• The depreciation amount is not included in the Schedule E total.

The depreciation calculation engine appears correct, but the depreciation does not attach to Schedule E.

This looks like a linking or recalculation issue between the Asset module (Form 4562) and Schedule E in TurboTax Online.

Any help/tips really appreciated.

[DianeW777]

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)

TurboTax Online:

Open your return -Go to the menu panel on the left side of your return and select Tax Tools. 

1. Then select Tools below Tax Tools.
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent.
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number.
5. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information.

TurboTax Desktop:

If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:

1. Click on Online in the top left menu of TurboTax Desktop for Windows
2. Select 'Send Tax File to Agent'* > Follow the prompts to reach the token number.
   • Enter your email used for TurboTax > Enter your code > Send
3. Write down or send an image of your token number and state then place in this issue.
4. We can then review your exact scenario for a solution.
5. Please also tell us any states included in the return. This is necessary for us to view the return.
   • *If using a MAC, go to the menu at the top of the screen, select Help, then, 'Send Tax File to Agent')

We will be able to see exactly what you are seeing and we can determine what exactly is going on in your return to provide you with a resolution.

[17723926007]

Thanks! Absolutly... it seems I do not have the Tax Tools menu? 

[MindyB]

@user17723926007 The view you showed is what it looks like when one first logs into TurboTax.  Try to click "Pick up where you left off" or navigate to any entry area. Then, you should see the tax tools on the left of your screen.

[17723926007]

Thanks Mindy!

Thanks Diane! I am in TX, the code is 1336416

[DianeW777]

As I go through your tax return here are the steps I have taken. The steps were normal and each property displays the correct depreciation amount.

1. Select Rental Properties and Royalties > Update > Select 'None of the above' for Real Estate Pro
2. Select Edit/Pencil beside Property one > Select Update/Revisit beside Assets > Continue > Continue
3. Edit/Update beside your first Asset (Residential Rental Real Estate) > Depreciation is shown $5k + > Continue to finish
4. Select Done with Rental Property (one) > Continue until you reach Rental and Royalty Summary

Next Property:

1. Select Edit/Pencil beside Property two > Select Update/Revisit beside Assets > Continue > Continue
2. Edit/Update beside your first Asset (Residential Rental Real Estate) > Depreciation is shown $2k + > Continue to finish
3. Select Done with Rental Property (two) > Continue until you reach Rental and Royalty Summary > Click Done

Please update if you have more questions or need additional assistance.

@user17723926007 

[17723926007]

Thanks. I am using the online version, not the desktop.

I did the steps - only try to fix the second property -  inside of it, in Assets, when I click the pencil it show the depreciation,  "click I am done", answer no tho the Question about Section 179,  click Continue. It takes me to the main page for the Property - I do not see the depreciation populating into Expenses, or any change made on the Fed Refund after adding the depreciation. That is my concern. Adding the Assett depreciation did not have any impact.

Thanks!

[AmyC]

No impact- it sounds like you are looking at your balance due or refund rather than the depreciation Form 4562. If you have reached the passive activity limitation or if your income is too high, you won't see an impact. I am assuming this is a rental property you own and is a passive activity.

Please take a look at: 

• your income - income up to $100,000 -active participants can claim $25,000 rental loss. As your income increases, the allowed deduction decreases. At $150,000, zero deductions are allowed. MFS has different rules depending on whether you lived together  or apart all year/
• Form 4562 to see the depreciation is entered correctly. 
• Look at Sch E to see the depreciation on line 18
• Look at Form 8582 for limitation. See also Limitation on Losses. This will show a carryover loss -if you are limited.
• Sch E line 22 shows loss after limitation
• Instructions for Schedule E (Form 1040

To print or view  your forms, including all worksheets:

• In desktop, switch to Forms Mode. 
• For online:
  1. On the left side, select  Tax Tools
  2. Select Print center
  3. Select Print, save or preview this year's return
  4. If you have not paid, select pay now.

[17723926007]

Regardless my MAGI, depreciation should count as ‘expense’ towards the gains. The MAGI applies if you have losses as it reduces the ability to report those, however I do have gains, even if  depreciation would be considered..

The issue is that I do kit see any recalculation to reduce my gains when adding depreciation.

I cannot see the final forms as I am not ready to submit as some entities have not yet provided me other forms I need to complete the return.

I guess I need to do the overall tax process and then review that depreciation is really

subtracted from the gains and therefore done correctly.

Not sure why this year this is not working well , in my opinion, on the online version.

It was very straight forward and clear the previous years.

[DianeW777]

You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

• Can I print a copy of my return in TurboTax Online before filing?

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

@17723926007