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Rental depreciation

I have a new client with a 3rd yr rental, refinanced in 2020, when entering this yr depreciation amount it gets replace by the refinancing points. Is there a screen/form where I enter the depreciation? 

I have Turbo Tax premier 

 

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2 Replies

Rental depreciation

Client?  TT is not licensed for use by paid tax preparers.

DaveF1006
Employee Tax Expert

Rental depreciation

Yes, there is a way to enter the prior year's depreciation for the third rental. After you have entered the information about the rental and built a profile for it, you should have a rental summary page that have separate categories for. income expenses.   

  1. Go to assets and select rental property.
  2. After you navigate entering information about cost, when you bought the home, and when you started renting it, there will be a screen that says confirm your prior depreciation.  Here you can confirm or change the depreciation amount.
  3. As Sweetiejean mentioned, these products aren't designed nor licensed for paid preparers but if you are helping out friends or families, then it is acceptable. Normally paid preparers need to file using their own EFIN's. Tread lightly.
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