Where do I find the details of how the depreciation was done on my rental properties by Turbo Tax?

[lynnefidler1515]

How do I find what depreciation method Turbo Tax used on a prior tax return of mine?

[AnnetteB6]

There is a Depreciation and Amortization Report included as part of the worksheets in your return.  This report will show all the details about any assets being depreciated, including the basis, placed in service date, class life, method/convention, prior and current depreciation.  

When you print that prior year return, you can either select 'all forms and worksheets' or look for that specific page.  It will not be printed as part of the tax return to be filed.

[rsalci]

it doesn't show the rate they are using. Although I can back into it, the rate is wrong!

Building $348213 x 3.636% = $12,662  (my calculation)    -      Turbotax calculation is $9,136

(Placed in service 9/20/18 - 100% business use (rental) 

Building amount (above) does not include land

Called support 3 times - NO HELP!

[CatinaT1]

The depreciation amount each year depends on if you used straight line or MACRS (Modified Accelerated Cost Recovery System).  It also could vary if you took any special or bonus depreciation.  

[Carl]

Building $348213 x 3.636% = $12,662 (my calculation)

I assume you are using TurboTax 2018 CD version that you installed on your computer. Your math is wrong. You should be using the mid-month convention, straight line for residential rental real estate per IRS Pub 946. For a property placed in service on 9/18/2018 the math is:

$348213 x 1.061% which is $3694 for the first year depreciation on the property.  The $9,136 you say TTX is coming up with indicates that you are not properly classifying the asset as residential rental real estate under the MACRS system.

[rsalci]

I have searched and do not see anywhere that I have listed it as Commercial. I have it as residential rental.  Any idea where else to look?

I am in the year 2020 and according to my calculations, the rate is 3.636%.

[rsalci]

I took no special/bonus depreciation.  I am using Residential Rental - 27.5 years, MACRS MM Convention.  

I don't know what the heck TTX is using! Called Support 3 times and all they can say is "Ask your accountant"

I want to know how they arrived at their calculation or how I can correct it!

[DavidD66]

If you are using TurboTask Desktop, you can see the details of how your depreciation was calculated by switching to Forms mode and viewing the asset worksheet.  If your not using the Desktop software and would like to switch, see the following instructions:

How do I switch from TurboTax Online to TurboTax CD/Download?

[Carl]

want to know how they arrived at their calculation or how I can correct it!

You need to work through the asset again, because there's no way I can see that you entered the correct information or made the correct selections, based on the number you're getting from TurboTax.

You also still have not conformed that you are using the CD version of TurboTax 2018. I am only assuming, since you stated the property's in service date is 9/20/2018.

Work through the asset until you get to the summary screen. Then click the "show details" checkbox. What you see should like similar to the below. Note that since I do not know your "real" cost basis in the property, I assumed a cost basis of $400,000. Then giving the land a value of $51,787 makes the difference exactly $348,213 - the cost basis of the structure to be depreciated.

[Carl]

want to know how they arrived at their calculation or how I can correct it!

You need to work through the asset again, because there's no way I can see that you entered the correct information or made the correct selections, based on the number you're getting from TurboTax.

You also still have not conformed that you are using the CD version of TurboTax 2018. I am only assuming, since you stated the property's in service date is 9/20/2018.

Work through the asset until you get to the summary screen. Then click the "show details" checkbox. What you see should like similar to the below. Note that since I do not know your "real" cost basis in the property, I assumed a cost basis of $400,000. Then giving the land a value of $51,787 makes the difference exactly $348,213 - the cost basis of the structure to be depreciated.

[Carl]

if you are using TurboTask Desktop

If you go on the assumption that they are completing their 2018 tax return, then they "have" to be using the CD version. There is no other possibility. Unfortunately, we've not yet been provided confirmation of anything at this point.

[rsalci]

As I stated previously - I am using the 2020 TTX software.

Another thing that doesn't make sense is that the "Depreciation & Amortization Report" shows the depreciation to be $9,136  -  BUT yet the  "Asset Life History" report shows the yearly allowable depreciation to be $12,662.  It doesn't match the actual depreciation posted!

[Carl]

You can't use TurboTax 2020 to complete a 2018 tax return. But if this is your first year using the program and assuming that you actually did report this property correctly on your 2018 and 2019 tax returns, then as you work the asset through you should see a default amount of $16,355 for the total amount of depreciation already taken in 2018 and 2019. Then it should show $12,662 for the total depreciation to be taken in 2020.