Tax Year Prior to 2020: rental home depreciation

[malcolmrental]

why is 2018 rental property depreciation not carried over to 2019

[VictorW9]

Which depreciation are you referring to? If you have accumulated depreciation from 2018, it should transfer to your 2019 depreciation schedule as prior year depreciation.

However, if you had suspended losses because of the depreciation charge for 2018, the depreciation specifically will not transfer to your income statement but will be part of the suspended losses that would have been transferred to 2019.

[Anonymous]

are you sure it wasn't transferred? it would be under the asset in the asset life history. 

[rsttax]

I also have an assumption that TurboTax 2019 does not decrease taxable amount by house depreciation value (which was calculated last year).. based on Dynamical 'Federal refund' value in the left upper window tax was calculated not from the rental income, but rather rental income PLUS house depreciated value, which is for me giving almost $1000 difference (so it's hard to miss).

How to report a bug, request its verification and fix (if confirmed) before I filed taxes? 

I want to use convenient efile, which allows me to see all forms after they're filed. I don't want to find incorrect calculations after taxes are filed and battle with TurboTax regarding that.

Thank you,

Alex

[cher59]

My depreciation also did not carry over from 2018.  After spending an hour on the phone with your customer service, we came to the conclusion it must be a software problem.  I am very disappointed for I have been using TurboTax for years.  

Can someone look into this and maybe fix the issue?

[MAX_MAZ]

We see this same issue with our rental property too.  How do resolve?

[AmyC]

Work around:

1. Grab your depreciation schedule from last year and the first year you depreciated the house.
2. Open up your program for this year.
3. Go to your rental
4. Revisit/Update
5. Rental and Royalty Summary screen
6. Click Edit next to your property
7. Look down to Sale of Property/Depreciation, select Update
8. Do you want to go directly  to your asset summary?
9. Select yes
10. Your property assets screen
11. you may have several things listed here, let's work on the house. Select Edit 
12. Describe - rental real estate property, continue
13. Tell us more - residential rental real estate, continue
14. Tell us about this rental asset:
15. description - whatever you put

1. Cost - use first year's amount to depreciate plus land value used
2. Cost of land -land value used first year 

1. Date purchased - match from first year
2. Continue
3. Tell Us More - always used for business, select yes or no,continue
4. Confirm prior year depreciation - use total from last year, continue
5. Asset summary - should be correct for your house.

@MAX_MAZ

[rsttax]

eventually when I filed taxes it turned out that depreciation valuefrom previous year  was taking into consideration. The problem in my mind still exists: it's extremely couterintuitive and does not have common sense to precalculate house depreciation way before staring rental income section (which is likely the case with turbo tax software), even though final tax calculations are good. Very misleading. 

[jdmullen2]

I can't believe my depreciation didn't transfer and I think a lot of other info didn't transfer either, causing me to have to do a lot more inputting.  I've used Turbo Tax since 2004. Why did this happen this year?  I'm really annoyed.

[JamesG1]

Have you completed the interview questions for depreciating the asset?  You are able to view the depreciation expense at the screen Asset summary.  Click the box Show details to see the computation.

You may view the depreciation at the Schedule C, E, F where the asset was reported.

You may also view the Asset worksheet in the Forms section of Home & Business.