I entered correctly entered my depreciable property's information, so why isn't Turbo Tax correctly computing my current year depreciation expense?

[zabe2057]

I properly entered the date of service (1/30/1995), depreciation basis (156,219), life (27.5yrs), and prior depreciation for my rental property (119,059). (I double checked the figures after reading the pop-up help window.)  Therefore, I have about 46,000 of the asset value left, as reflected on my return prepared on Turbo Tax last year.  I computed the prior depreciation by hand, and it is correct -- I have not claimed more than I should have in prior years.  However, Turbo Tax says I have no depreciation expense for that asset this year.

[TaxGuyBill]

Did you enter the cost of land? If so, for the basis did you enter $156,619 PLUS the cost of land?

[zabe2057]

You're brilliant.  Yes, my error was entering the asset net of land where I should have included the total cost.

[zabe2057]

Never mind.  Rather than enter the cost of the entire asset, I entered the cost of the asset net of land, as it appears on Form 4562.  All is well.

[TaxGuyBill]

Great, I'm glad we figured it out.