No, you are probably not doing anything wrong. The Form 4562 for Depreciation (and related forms) have just been finalized by the IRS recently.
Check that your Rental Property is entered correctly in the 'Property Info' section and also in the 'Assets' section.
If so, try running through the Rental Topics again to see if Current Year Depreciation is calculating correctly.
Click this link for more info on Rental Property Depreciation you may find helpful.
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on March 7th, I'm still getting this problem. TT lets me input the depreciation amounts but when I go back to the main expense screen, the income for the properties is not reduced by the depreciation amount. Any ideas?
No, you are not doing anything wrong. We are aware of this experience for some customers. We do have information about how to fix it.
The basis for depreciation would be the same as it was for 2019. By using the 2019 return to enter the information for the asset (including each capital improvement) the prior depreciation will automatically calculate.