Depreciation

RPorter086 — Wed, 06 Apr 2022 18:15:05 GMT

Hello,

My wife and I sold two investment rental properties in 2021. In the turbotax software, it is asking for "amount of depreciation taken in prior years". It further clarifies to not include any section 179 deduction or first year special depreciation allowance deduction. What is the easiest way to calculate this info correctly? I am hoping that you can specify tax form and line so that I can look at the appropriate figure. Thanks!

Re: Depreciation

Cynthiad66 — Wed, 06 Apr 2022 18:47:12 GMT

If you have been using TurboTax over the period of the rentals, TurboTax normally calculates this and automatically insert on the form.

If not you will need to refer to each tax return and review Form 4562 (Depreciation Schedule) Part II Line 14 for each year the property was rented to determine the amount.

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Depreciation

Re: Depreciation