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shengxu68
New Member

depreciation value for rental house

I am reporting the rental house, my house has cost basis $434690, and land cost $94500, last year the depreciation value was $12370, but this year it becomes $33055. which I think it is wrong. we did not change anything.

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5 Replies
shengxu68
New Member

depreciation value for rental house

what should I do? I can not correct it in Turbotax for home and business. please HELP

depreciation value for rental house

is the prior depreciation entered and correct (through 12/31/2022). Turbptax has a nasty habit of correcting depreciation if certain info is not present like prior depreciation. 12370 seems correct for a full years deprecition

 

 

shengxu68
New Member

depreciation value for rental house

we did not change anything, the Turbotax import last year's return, and we just click go through it without change anything. the depreciation value suddenly becomes so big. and we do not know how to get it back

shengxu68
New Member

depreciation value for rental house

it did not ask for the "prior depreciation date", last year everything works fine. this year is so strange

pk
Level 15
Level 15

depreciation value for rental house

@shengxu68 , agreeing with the comments by my colleague @Mike9241 , :

(a) the  2022 depreciation seems about correct for a full year

(b)  did you transfer the  TurboTax file from 2022 or did you start a new return without  importing 2022?

(c) what are the  specifics of the rental property --  when did you acquire and when did you put it into rental service  ( as reported to TurboTax  -- if you did not transfer from year before ?

 

Some of this may explain why Turbo is putting in three time the  2022 figure .

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