turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Smart Check is stuck on prior depreciation value for fully depreciated appliances in rental property that's been sold

Smart Check flagged the value I input for fully depreciated appliances that are an asset for a rental house I sold in 2021.  I obtained this value from the prior depreciation value of the appliances in 2020 and it’s equal to the original cost of the appliances and also the prior depreciation value listed on the 2020 AMT Depreciation Report. 

 

The error message says the AMT prior depreciation is too large and that the depreciation cannot exceed the business basis.  Checking the forms for this asset, the 2021 AMT depreciation value is also exactly equal to this fully depreciated value.  Note that there is no place to enter the AMT depreciation on the Review Information interview screen and I forwarded through the rest of the interview for this asset and did not see any place to input AMT depreciation, so it's been automatically calculated by TT.   Any idea why this flag is showing since the AMT depreciation number is equal to (not greater than) the cost basis?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
PatriciaV
Expert Alumni

Smart Check is stuck on prior depreciation value for fully depreciated appliances in rental property that's been sold

It's entirely possible this is a rounding error within TurboTax. You might reduce one or more of the numbers by a dollar or two and see if that resolves the SmartCheck flag.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question