Rental Property Depreciation wrong

[aberry5481]

I have used the straight line depreciation method for years using turbo tax each year. Yet for 2023 the amount of depreciation increased over $2000. I have not changed anything: no new assets, no improvements or appliances, etc. Any ideas about how or why turbo tax increased this?

[Mike9241]

did you use H&B or any other Turbotax 1040 product in the past or did you transfer the info in from another tax app? 

for most residential property the amount should be cost less land cost divided by 27.5 

for commercial same steps but divided by 39

for foreign its 40

if you enter from another tax app make sure date in service and prior depreciation were entered correctly

Turbotax without taxpayer consent adjusts the depreciation over the remaining life if what it calculates as life to date depreciation it computes  is nit the same as what was entered

[aberry5481]

I have only ever used turbotax buz to do my taxes & to figure the straight line (27.5 yrs) depreciation on this rental house.  Past years the amount was always the same (house divided by 27.5) but as I said the amount increased over $2000 this year, no changes whatsoever to value.

I have tried reading all the IRS information and found no new changes to the 27.5 years depr. based on purchase price of the house. Also, can't find any reasoning given by turbo tax. To protect myself I purchased the tax audit offered by turbo tax so just in case of audit maybe they can find an explanation.

Thanks for your help.

[Critter-3]

Did you add any new assets in 2023 ?   Did you review the depreciation worksheets and/or the form 4562 before you filed ???

Please follow the instructions below to preview your tax return before filing.

How do I preview my TurboTax Online return before ...

Please follow the instructions below for a copy of your tax return after filing.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/small-business-processes/access-return-e...

[aberry5481]

I have no new assets, I did review the worksheets before submission but there was no information to detail the jump in depreciation. I did review my return before submitting and I always save and print copies of the whole packet.

Thanks for your reply

[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: 

TurboTax Online:

Go to the black panel on the left side of your program 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 CD/Download:

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 CD/Download for Windows
2. Select 'Send Tax File to Agent'
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.

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

@aberry5481