Turbotax seems to have forgotten my last year info...
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cees
Level 1

Turbotax seems to have forgotten my last year info on a rental property I still own. It remembers the asset, but asks me to enter information it should have on file?

 
4 Replies
pattif12
Expert Alumni

Turbotax seems to have forgotten my last year info on a rental property I still own. It remembers the asset, but asks me to enter information it should have on file?

Here is a link for more information on this issue:

 

Real Estate

cees
Level 1

Turbotax seems to have forgotten my last year info on a rental property I still own. It remembers the asset, but asks me to enter information it should have on file?

Thanks but this is not my issue. It's really confusing how the program works, it remembers my asset but I can't see the depreciation expense being added/calculated like it was in prior years. Will see if it does so at the end somehow, but it is far from logical at the point I got to so far.

pattif12
Expert Alumni

Turbotax seems to have forgotten my last year info on a rental property I still own. It remembers the asset, but asks me to enter information it should have on file?

If you are using the TurboTax Online version of the software, you are not able to view forms mode to view each form in your return to make edits or to view. The only form that you can view in the online version is your 1040.

 

Are you using the CD/Desktop download version or TurboTax Online?

 

The worksheet that you mention is not available in TurboTax Online,

 

TurboTax creates a worksheet called "Form 4562 Depreciation and Amortization Report" that is included with your tax return. This is a TurboTax worksheet, not an IRS form, that is included in your complete return.

The total of current and prior depreciation for each asset is the accumulated depreciation for the year. This includes all prior and current depreciation taken for the property since you placed it into service.

You can view the current copy of this worksheet in TurboTax for Desktop using Forms Mode. Look for "Depr Report" in the left column.

 

Here is information on switching from Online to the Desktop version:  Switch from the Online version to Desktop

cees
Level 1

Turbotax seems to have forgotten my last year info on a rental property I still own. It remembers the asset, but asks me to enter information it should have on file?

Thanks for that. I was using the online version. I can see from prior years return documents the calculation sheets etc, I just found it strange that I had to manually enter depreciation information and actually overwrite what the program was coming up with, as that seemed wrong and also was not in line with what the program had calculated last year (and the year before) for this and future years as the depreciation schedule. There's also a bug it seems that keep asking me to enter royalty income that I did not have last year, seemingly only because I had some the year before. No matter what I tried, it kept posing this same question over and over, and entering 0 was not acceptable. Although in the end it seems to have given up, not sure because it also said one of the federal forms i have to file is not ready yet, so this thing may come back in the end. I really don't like this program but feel kind of stuck now that I have filed several years with it. Oh well, maybe I will switch to something else next year. 

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