Depreciation didn't carryover from 2020

[H4T3m4t2]

I've seen other posts with similar situations of depreciation information not carrying over from previous year.  And I believe I'll have to re-enter all of my depreciation information.  My question is do I enter in 2020 information from Form 4562 from the "Current Depreciation" column into the 2021 taxes, and after doing this will Turbo Tax calculate the depreciation in my 2021 taxes and hopefully future years with the same calculations as the previous years?

I'm working  on Turbo Tax Premier, and downloaded the Mac version.

[ThomasM125 · Accepted solution]

You need to add the assets you previously reported into your current year return using the cost, class and date put into service that you originally reported. TurboTax will then calculate the current, past and future depreciation automatically. You will also need to enter any special or section 179 depreciation allowances that you took in previous years. They will be listed on the form 4562 for the year you put the asset into service.

[SmallTownGal59]

Every year since 1998, Turbo Tax has automatically calculated the depreciation for Schedule E.  It did not do it this year.

I have form 4562 that shows it by year.  How do I get TT to calculate depreciation for 2021 and carry forward to 2022?

I have the date in service, cost of property without land, but where do I find Class?  I also have prior depreciation for property 27.5 SL/MM and a number of 5-year items

Thanks.

Bonnie R

[PatriciaV]

Add each Rental Asset using the same descriptions as last year under Rental Property >> Assets >> Add an asset.

Read the descriptions for each option so you choose the correct depreciation category (class). The rental residence is Residential Real Estate. Your five-year assets are most likely equipment or appliances that were added separately. Land is not depreciated. 

You'll be asked about prior depreciation, which you have on the Depreciation Report from last year.

Once you have entered all the assets, TurboTax will calculated your depreciation deduction for this year.

Additional info: How do I handle capital improvements and depreciation for my rental?