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DW63
Level 2

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

 
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5 Replies

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

kguthrie
Returning Member

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

I tried to correct this, but I sold my property this year, so it doesn't give me the option to add the rental property asset back.  I called for help, and the person I spoke with confirmed that there is nothing for me to correct in this case, yet my tax return is still on hold.  When is this going to be fixed??

DW63
Level 2

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

Not sure this will work but something to think about. Downloading your 2019 return, locate form 4562, the Alternative Minimum Tax Deprecation Report for your property and print that off. So now you have all the info needed to add your property into your 2020 return.  Return to income,  rentals and royalties,  your  property should now be listed under assets and rental property. From there I think it allows you to click a box and see a worksheet for rental properties and or major improvements. And it will give you an option to edit, and after a few windows there will  be a selection asking if this property has been sold and several other selections. From there I think you are on your way. I hope that works. Goes without saying I am not a technical writer. Good luck.

kguthrie
Returning Member

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

Thanks for your help. One of the very first questions asked was whether I sold my rental property, so when I said yes, it doesn't give me the option to add the rental property back into the deductions and expenses section. I think I have to just delete the whole return and start over, which is frustrating after spending many hours already. I've experienced this year that the software doesn't do well when you go back and make changes. I'm seeing other glitches in the self-employment section that I can't seem to fix, either. Very disappointing experience for me this year with TurboTax.

kguthrie
Returning Member

Will intuit be able to fix the problem with Turbotax and the issue with rental property depreciation?

Actually, this did help.  I had to go all the way back to the beginning and uncheck the box that said I sold my property.  Then, it did allow me to add the rental property depreciation.  Then, I went back and checked the box again and completed the information for the sale.  Hopefully this was all I needed to do to lift the hold and submit it (assuming I can figure out the other issues I'm having with the deferred self-employment tax situation).  Thanks so much!

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