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jilid
New Member

TT doubled my depreciation on a rental house

I bought a rental house in 2020 & put in everything needed for the depreciation.  In 2023, while doing my 2022 taxes I noticed TT had put in my residence again and depreciated it.  I am not alone.  I see a few others on here that have had their depreciation double by TT.  It actually puts in another line titled "Residential" which I never use.  The others mentioned the same.  I am amending by hand both the 2020 and 2021 federal and state taxes for this but how do I fix in TT?  Do I go back to 2020 & delete that erroneous 2nd entry?  And also in 2021?  Or can I simply change it in 2022 somehow by having TT delete the amount brought forward for extra depreciation & then taking out the 2nd entry so it won't continue doubling every year?

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1 Reply
JamesG1
Expert Alumni

TT doubled my depreciation on a rental house

When you open your 2022 TurboTax return and remove the erroneous s asset "Residential', do the depreciation totals and carryover totals (if any) match the figures in your hand prepared amended tax returns?

 

If so, you should be able to continue with the 2022 TurboTax return and not make changes to the 2020 and 2021 TurboTax.

 

To remove the erroneous asset "Residential', click on the Delete trashcan to the right of the asset at the screen Your Property Assets.

 

If the depreciation totals and carryover totals (if any) do not match, post here for direction after you determine the scope of the problem.

 

Are you using an Online product or are you using a CD/Download product that saves your tax return to your local computer hard drive?

 

@jilid 

 

 

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