How do you claim depreciaciation on a property you own?

[zenamccoy]

I noticed on my past returns I have not claimed despreciation on the two properties I bought in 2009 and 2012. One is my primay home the other a rental.  I want to make sure to claim this deduction where do I do this in turbo tax?

[DoninGA · Accepted solution]

You cannot depreciate a personal residence, either a primary residence or second home, not used as a rental or in a business.

You depreciate a rental property but it has to be listed as an asset before it can be depreciated.

See this TurboTax support FAQ on entering rental income and expenses - https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-propert...

[TaxGuyBill]

For the rental, you need to file a special form (3115) to start depreciating now and 'catch up' on the missed depreciation.  However, it is a complicated form and TurboTax does not help you with that, so I would recommend going to a tax professional this year to get things fixed.
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