Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
4SSparky
Returning Member

Handling Depreciation for Year of Sale

When a rental property is sold on the company books I include the current year depreciation in the basis and gain calculation. It seems that TT is backing out current year depreciation for the properties which have sold which makes TT depn not match books. Do I need to back out current year depreciation from the basis I am entering in TT? Be kind if this is a really stupid question. Tax time is getting to my brain. 

 

2 Replies
MMTaxMM
Level 10

Handling Depreciation for Year of Sale

Is this the Business program? You probably have to make a manual adjustment. 

Mike9241
Level 15

Handling Depreciation for Year of Sale

depreciation should be taken in the year of sale.   the only exception is personal property bought and sold in the same year like a stove or fridge.

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v