topic 2024 Rental Depreciation in Investors & landlords

2024 Rental Depreciation

LLSherwood — Thu, 06 Feb 2025 00:10:33 GMT

I have owned a rental property for many years and also have used turbotax for many years. This year the prior depreciation amount is exactly the same as last year. So the amount I depreciated last year has not been recorded in the calculation for this year's depreciation. I used last year's return to start this year's return. This seems like a Turbotax mistake. But maybe I did something wrong. Any suggestions?

Re: 2024 Rental Depreciation

AmyC — Fri, 07 Feb 2025 02:22:42 GMT

The prior depreciation for 2024 should be the amount of prior depreciation listed in 2023 plus the amount deducted on the return in 2023.

Did you go through the asset screen and each item to ensure the program picked it up?

Form 4562 shows depreciation and there are no known issues.

Once you go through each asset to ensure the program is picking it up, let us know or contact support if you still have an issue.

Great job catching that on your forms!

Re: 2024 Rental Depreciation

LLSherwood — Sun, 09 Feb 2025 01:41:03 GMT

I changed the prior amount by hand. It did not update automatically.