Rental property depreciation and losses don't add up to what I had last year from H&R block must be doing something wrong

We purchased a farm with a house in 1995, we rent out the house only, the rental property questions ask about depreciation, my H&R block depreciation expense last year 1754, but it does not come up to same figures as we had losses, losses of income etc

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1 Best answer

New Member

May 31, 2019 11:54:34 PM

Simply enter the original placed in service date, original purchase price[separate land value, land is not depreciated] and Turbotax will calculate from entered data and give the correct yearly depreciation. [27.5 years SL MM]

continue through to

your rental summary

A.rental income

B.expenses

C.assets <---------<<<<< here click update[then enter original data]

If you have improvements over the years.

At the "Your asset summary" page for your rental ; little grey button generally to the lower left of screen "add an asset" click it ,

If you have passive losses carryover.

When you are the screen "Do any of These Situations apply to This Property?" you can make the selection that applies to your situation by marking those that apply from the list available.

Scroll down to the carryover, when you check the next screen gives you a place to enter the number .

NOTE. loss of rental income is not a deduction.