This year Turbotax is missing depreciation on my rental properties. It seems Turbotax has zero technical support unless you pay for the privilege. Can someone help me?

[shayes82]

Every year the depreciation on the property shows up automatically, but now it's missing.

[shayes82]

Does anyone know if Turbotax is actually fixing this and I should just wait or if they are ignoring technical issues with their software and there is some other action I should take?  I have been using the online version of Turbotax for over 10 years and am starting to think I should be using another software to file my taxes.

[JamesG1]

In TurboTax Online Premier I am able to set up a residential rental.  The software computes depreciation on the residential rental property.  Do you have residential rental income to report or other forms of rental income?

In TurboTax Online, report rental income and expense: 

• Down the left side of the screen, click on Federal.
• At the top of the screen click on Wages & Income.
• Under Your income, scroll down to Rentals, royalties and Farm.  Click Show more to the right.
• Click Edit / Add to the right of Rental Properties and Royalties.
• At the screen Your 2020 rentals and royalties summary, click on Edit to the right of the rental activity.
• At the screen Here's rental property info, scroll down to Assets (Depreciation) and click Edit to the right of the rental property.

TurboTax will ask questions and guide you through entering your rental property information.

[shayes82]

Thanks for the reply, my property was setup several years ago and depreciation has been calculated by TurboTax every year,  but then suddenly on my 2020 return the depreciation is zero.  

I suspect TurboTax wiped out the asset data on accident and didn't bother fixing it, several other people have reported the same issue.  If they are in the process of fixing it I'd rather just sit tight and not have to figure out how to re-enter everything, but given that they have zero customer support for technical issues I'm not sure if they are even fixing it.

[DawnC]

There was an update that fixed this issue - - "My rental assets from last year did not transfer over".

We’re happy to inform you that we’ve updated TurboTax and resolved the issue you experienced.   If you’re using TurboTax Online, it’s been updated automatically. Just sign in and you can continue working.

If you’re using the TurboTax CD/Download Software, download and install the latest update. You can do this through the prompt when you launch the software or by following

these instructions.     You may want to start a new return and transfer last year's data again also.   I would try that before calling.  

If you’re still having trouble or there’s anything else we can help you with, feel free to give us a call.   

[shayes82]

Thank you for your reply.  The update did not fix it, however TurboTax now gave me the option to talk to someone for assistance.  It seems my assets were all deleted by Turbotax and are all unrecoverable, however the assistant showed me how to set them up again using form 4562 from my 2019 return which was pretty straightforward once they walked me through how to do one.

For anyone doing this it's very important to make sure information is entered exactly, and to confirm your depreciation matches prior year or the same amount that was expected in 2020 based on the deprecation schedule in your 2019 return.  When entering the cost basis I had to add the asset and land cost together to enter total cost, and double check the prior years depreciation which i got from form 4562.

[ppnewell]

In my case there are no properties or assets listed to show depreciation for and I have 10 years of info totally gone. How can I get it back? PS reentering it from 2019 isn't an option because this info is not there.  Thanks