turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

How to use existing S/L depreciation figure in 2020 tax forms?

S/L has been figured at $10,222 per year on a rental property. Do you have to reconfigure it each year or use last year's figure?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

How to use existing S/L depreciation figure in 2020 tax forms?

If you enter the asset in the program and include the prior year depreciation taken then the program will automatically compute the correct current year depreciation figure. 

Carl
Level 15

How to use existing S/L depreciation figure in 2020 tax forms?

You don't just use last year's figure per-se. There are many factors that can change the depreciation you're allowed to take in any given tax year. For example, personal use of the property, partial loss of or damage to an asset, and many more possibilities. If you just enter the data in the program that the program asks for, then it will figure the correct depreciation for you, based on the data you enter.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies