topic Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks! in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental-when/01/847605#M36075 Mon, 02 Sep 2019 23:42:03 GMT LouisianaFella 2019-09-02T23:42:03Z Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks! https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental-when/01/847605#M36075 Mon, 02 Sep 2019 23:42:03 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental-when/01/847605#M36075 LouisianaFella 2019-09-02T23:42:03Z Re: Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks! https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental/01/847640#M36079 <P>TurboTax tracks accumulated depreciation and will confirm that figure when you go through the Step-by-Step procedure for disposition in the program.</P> <P>&nbsp;</P> <P>However, you should keep track of your accumulated depreciation outside of TurboTax.</P> Tue, 03 Sep 2019 01:39:09 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental/01/847640#M36079 tagteam 2019-09-03T01:39:09Z Re: Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks! https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental/01/847701#M36088 <P>If, and ONLY if, you use TurboTax and file a SCH E every single year, *and* you import from the prior year's turbotax file every single year also.</P> <P>However, a vacation rental can be either a SCH C business or a SCH E business, depending on the fine details of how it's run. For most, if they use AirB&amp;B they report on SCH C if all the required conditions are met because for tax purposes they are treated exactly like a hotel. Getting this right can be especially important if your state taxes personal income too.</P> <P>But regardless of how you report, depreciation still occurs. But for business property reported on SCH C a completely different MACRS depreciation schedule is used. Therefore if you are unsure on this, I would suggest you get with a tax professional in your local jurisdiction to get education on this. Please take note that there is a difference between a CPA and a tax professional. A CPA is more knowledgeable in preparing tax returns, while a tax professional is more knowledgeable in tax law.</P> Tue, 03 Sep 2019 12:57:20 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental/01/847701#M36088 Carl 2019-09-03T12:57:20Z
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topic Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks! in Investors & landlords
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Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks!
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Re: Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks!
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<P>TurboTax tracks accumulated depreciation and will confirm that figure when you go through the Step-by-Step procedure for disposition in the program.</P> <P>&nbsp;</P> <P>However, you should keep track of your accumulated depreciation outside of TurboTax.</P>
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Re: Will TurboTax automatically retrieve/add up my annual past depreciations for a vacation rental---when the time comes to sell and hence file taxes? Thanks!
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-will-turbotax-automatically-retrieve-add-up-my-annual-past-depreciations-for-a-vacation-rental/01/847701#M36088
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<P>If, and ONLY if, you use TurboTax and file a SCH E every single year, *and* you import from the prior year's turbotax file every single year also.</P> <P>However, a vacation rental can be either a SCH C business or a SCH E business, depending on the fine details of how it's run. For most, if they use AirB&amp;B they report on SCH C if all the required conditions are met because for tax purposes they are treated exactly like a hotel. Getting this right can be especially important if your state taxes personal income too.</P> <P>But regardless of how you report, depreciation still occurs. But for business property reported on SCH C a completely different MACRS depreciation schedule is used. Therefore if you are unsure on this, I would suggest you get with a tax professional in your local jurisdiction to get education on this. Please take note that there is a difference between a CPA and a tax professional. A CPA is more knowledgeable in preparing tax returns, while a tax professional is more knowledgeable in tax law.</P>
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