topic Tax Year Prior to 2020: rental home depreciation in Deductions & credits

Tax Year Prior to 2020: rental home depreciation

malcolmrental — Thu, 25 May 2023 14:14:11 GMT

Re: rental home depreciation

malcolmrental — Thu, 30 Jan 2020 22:15:58 GMT

why is 2018 rental property depreciation not carried over to 2019

Re: rental home depreciation

VictorW9 — Thu, 30 Jan 2020 22:54:56 GMT

Which depreciation are you referring to? If you have accumulated depreciation from 2018, it should transfer to your 2019 depreciation schedule as prior year depreciation.

However, if you had suspended losses because of the depreciation charge for 2018, the depreciation specifically will not transfer to your income statement but will be part of the suspended losses that would have been transferred to 2019.

Re: rental home depreciation

Anonymous — Fri, 31 Jan 2020 08:07:46 GMT

are you sure it wasn't transferred? it would be under the asset in the asset life history.

Re: rental home depreciation

rsttax — Sat, 01 Feb 2020 05:05:17 GMT

I also have an assumption that TurboTax 2019 does not decrease taxable amount by house depreciation value (which was calculated last year).. based on Dynamical 'Federal refund' value in the left upper window tax was calculated not from the rental income, but rather rental income PLUS house depreciated value, which is for me giving almost $1000 difference (so it's hard to miss).

How to report a bug, request its verification and fix (if confirmed) before I filed taxes?

I want to use convenient efile, which allows me to see all forms after they're filed. I don't want to find incorrect calculations after taxes are filed and battle with TurboTax regarding that.

Thank you,

Alex

Re: rental home depreciation

cher59 — Mon, 17 Feb 2020 02:15:05 GMT

My depreciation also did not carry over from 2018. After spending an hour on the phone with your customer service, we came to the conclusion it must be a software problem. I am very disappointed for I have been using TurboTax for years.

Can someone look into this and maybe fix the issue?

Re: rental home depreciation

MAX_MAZ — Sat, 07 Mar 2020 19:06:55 GMT

We see this same issue with our rental property too. How do resolve?

Re: rental home depreciation

AmyC — Mon, 09 Mar 2020 18:16:22 GMT

Work around:

Grab your depreciation schedule from last year and the first year you depreciated the house.
Open up your program for this year.
Go to your rental
Revisit/Update
Rental and Royalty Summary screen
Click Edit next to your property
Look down to Sale of Property/Depreciation, select Update
Do you want to go directly to your asset summary?
Select yes
Your property assets screen
you may have several things listed here, let's work on the house. Select Edit
Describe - rental real estate property, continue
Tell us more - residential rental real estate, continue
Tell us about this rental asset:
description - whatever you put

Cost - use first year's amount to depreciate plus land value used
Cost of land -land value used first year

Date purchased - match from first year
Continue
Tell Us More - always used for business, select yes or no,continue
Confirm prior year depreciation - use total from last year, continue
Asset summary - should be correct for your house.

@MAX_MAZ

Re: rental home depreciation

rsttax — Tue, 10 Mar 2020 08:10:31 GMT

eventually when I filed taxes it turned out that depreciation valuefrom previous year was taking into consideration. The problem in my mind still exists: it's extremely couterintuitive and does not have common sense to precalculate house depreciation way before staring rental income section (which is likely the case with turbo tax software), even though final tax calculations are good. Very misleading.

Re: rental home depreciation

jdmullen2 — Fri, 20 Mar 2020 20:39:40 GMT

I can't believe my depreciation didn't transfer and I think a lot of other info didn't transfer either, causing me to have to do a lot more inputting. I've used Turbo Tax since 2004. Why did this happen this year? I'm really annoyed.

Re: rental home depreciation

JamesG1 — Sun, 22 Mar 2020 17:38:38 GMT

Have you completed the interview questions for depreciating the asset? You are able to view the depreciation expense at the screen Asset summary. Click the box Show details to see the computation.

You may view the depreciation at the Schedule C, E, F where the asset was reported.

You may also view the Asset worksheet in the Forms section of Home & Business.