Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
garyedmoxx
New Member

TT is not showing any depreciation expense for my residential rental property this year (2020) even though it has calculated it since 2016. Am I doing something wrong?

 
3 Replies
MarilynG1
Expert Alumni

TT is not showing any depreciation expense for my residential rental property this year (2020) even though it has calculated it since 2016. Am I doing something wrong?

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. 

 

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

TT is not showing any depreciation expense for my residential rental property this year (2020) even though it has calculated it since 2016. Am I doing something wrong?

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?

 

DianeW777
Expert Alumni

TT is not showing any depreciation expense for my residential rental property this year (2020) even though it has calculated it since 2016. Am I doing something wrong?

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.

Dynamic AdsDynamic Ads
v
Privacy Settings