Rental Property Depreciation in Turbo Tax online

[shah123]

This is the first time I am using turbo tax online.  I have filled up all the information about my taxes including my rental properties.  However I don't see anywhere where I could enter the depreciation amount for the properties.  From the help it says it automatically finds out.  I don't know how it can do that?  Any ideas?  I haven't paid yet so I can't directly look at Schedule E to see what it entered or not.

[Mike9241]

have you entered each asset in the asset entry worksheets? turbotax does not accept direct entry of depreciation 

[Critter-3]

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2021 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

 See this FAQ: 

Where to enter rental expenses.

[shah123]

I have entered each of the properties into Turbo Tax when it asked me about rentals.  I did not explicitly enter it into worksheets. 

I can pay, but for now my question is, does it compute the depreciation automatically because it never asked me explicitly?  After paying, if I see that it is not there, how would I be able to add it in.  I want to clarify this before I make a $139 payment.

[Critter-3]

YES ... when you enter in the asset the depreciation will be calculated automatically ... review the Sch E line 18. 

[shah123]

Despite the fact that this is my first time with Turbo Tax online and I never uploaded the previous year tax return (I uploaded but it could not import)?

[Carl]

I'm not sure since I don't use the online version. But I "think" when you first start the return with the online version, there's an option to import the previous year's information from the .tax2020 file on your computer. Of course, you must do that at the very beginning.

[shah123]

Yeah, my CPA only gave me a PDF and turbo tax could not import it.  I can't search in that pdf either which tells me that it is actually a bunch of images bundled up as a pdf.  Hence I could not import my previous year tax return.  I had to start from scratch. 

Turbo tax online didn't bother to ask any questions about last year's depreciation, or the cost of the properties when I bought them etc. to estimate the depreciation.  Therefore, I suspect it hasn't applied the depreciation.

[Carl]

In the SCH E section of the program you need to work through the Assets/Depreciation section and enter everything there. TO ensure you enter the correct numbers:

In your prior year tax return there should be two form 4562's that print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation".  YOu'll need the first one definitely, and the 2nd one if the program asks you for AMT numbers.

You'll also need IRS Form 8582.   If you don't have any passive loss carry overs in 2020, then that form will not be present.

Enter your assets "exactly" as they are listed on the 4562. The only column that will be different will be the "Prior Years Depr" column. To enter the correct amount of prior years depreciation on your 2021 return, add together the amounts in the prior years and current year depr shown on the 4562 from the 2020 return.

[Critter-3]

You must enter in all the assets being depreciated using the info on the depreciation worksheet that your CPA gave you in your PDF file (is they did not give it to you then you must contact them for it now).  No matter which form (C, E or F) there is a section for adding assets ... return to those sections and look again. 

[shah123]

I totally missed the assets part.  Actually I saw it but it was very confusing.  I had already entered information about the rental property, what asset information is it wanting now, I thought.  Apparently you have to describe the rental property as asset separately.  Weird.

Anyway, that solved the problem.  Thanks.

[viv10146]

help with rental property roof replacement cost - insurance company gave rebate on installlation.  How do I enter depreciation & 1099 Misc for rebate in turbotax?  Also,  how do I enter depreciation for previous years items in online filing when previously I have used software purchased? 

[viv10146]

What!!??  I cannot enter depreciation from previous years into TurboTax online?  I have kept all depreciation information from previous entries when using Turbotax software purchased from retail store in previous years.

[Carl]

@viv10146 your post is an add-on to a thread you did not start. I note you have posted in multiple threads also. What applies to one may not apply to you. You need to start your own thread and provide details of your specific situation, so that responses not only apply to you, but so they are more likely to be correct responses also.