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New Member
posted Oct 10, 2023 8:46:43 AM

It appears that TurboTax has not included depreciation for years on my tax form. What did I miss here? Is it something I manually enter into the forms by hand?

How does TurboTax account for rental home depreciation and how do I get that back into next year's taxes?

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2 Replies
Level 15
Oct 10, 2023 8:50:25 AM

If you failed to take depreciation deductions for two or more consecutive tax years, then you need to file Form 3115 and make a Section 481(a) adjustment.

 

See https://www.irs.gov/instructions/i3115#en_US_202212_publink100035791

 

The form is rather complex and you should seek guidance from a local tax professional.

 

See https://taxexperts.naea.org/expertdirectory

Level 15
Oct 10, 2023 9:12:56 AM

It's not on Schedule E line 18?  You don't get any backup worksheets or details for assets from prior  years.  You only get asset worksheets for new assets in the current year.  But it should still give you the total depreciation.

 

Form 4562 is just a Summary of the Depreciation for the current year and doesn't list the items.

Using the Desktop program you can get an Asset Life History worksheet but you have to do it in Forms Mode, click Forms in the upper right (upper left for Mac) You can't get detailed worksheet showing all the assets but you can get the Asset Life History on each one. It doesn't print out with your return or save in the pdf. So you have to print each Asset Life History individually.

 

Scroll down the list of forms in your return to a Asset Entry or Asset Worksheet and open it. Then down on line 14 is a QuickZoom button to Asset Life History, Click on that.