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Level 3
posted Mar 20, 2022 11:37:40 AM

accidentally removed asset for my rental property, how to get it back

i refinance our rental property following one of the post from here, I added new asset for the refi fee,  and removed the old loan point , however i also accidentally removed the asset for my rental property itself, how can I get it back?  I tried to edit that asset again -> Review Information -> Did you Stop Using This Asset In 2021?  No -> Special Handling Required? No -> Home Sale No, then it goes to the page Sales Information,  but I didn't sell the property, so I didn't fill anything on that page, just clicked the Continue button, on the last page Results, it said ` Your depreciation deduction for xxx for 2021 is xxx, We'll transfer this amount to the correct form for you`.  I should still depreciate this asset not deduct it,  right? how can I correct this? 

 

0 3 1558
2 Best answers
Expert Alumni
Mar 21, 2022 7:13:05 AM

If you were able to correct your entries for the Rental Asset and have depreciation, the asset is still part of your Rental Property. To confirm this is true, go to Federal >> Income and click Edit/Add beside Rental Properties and Royalties:

  1. Click Edit beside the Rental Property you wish to review.
  2. Find the Assets section (it may say Sale of Assets).
  3. Click Edit and review your list of Property Assets.
  4. Click Edit beside the asset you did not sell and review your answers.
  5. On the page "Tell US More About This Rental Asset" be sure you did not check the box for "The item was sold, retired, stolen..." and no date appears in the "Date you sold" box.
  6. Correcting these items should eliminate the questions about the asset sale.

Expert Alumni
Mar 23, 2022 7:28:15 AM

Do not delete them.  TurboTax will not remove them but will no longer compute depreciation on them when the lifespan is complete.  However, they will remain on the list for basis computations and depreciation recapture if sold.

 

@nangua825

3 Replies
Expert Alumni
Mar 21, 2022 7:13:05 AM

If you were able to correct your entries for the Rental Asset and have depreciation, the asset is still part of your Rental Property. To confirm this is true, go to Federal >> Income and click Edit/Add beside Rental Properties and Royalties:

  1. Click Edit beside the Rental Property you wish to review.
  2. Find the Assets section (it may say Sale of Assets).
  3. Click Edit and review your list of Property Assets.
  4. Click Edit beside the asset you did not sell and review your answers.
  5. On the page "Tell US More About This Rental Asset" be sure you did not check the box for "The item was sold, retired, stolen..." and no date appears in the "Date you sold" box.
  6. Correcting these items should eliminate the questions about the asset sale.

Level 3
Mar 21, 2022 9:08:50 PM

Thanks for the reply, i was able to verify those assets are still there, however I also saw the old loan point asset listed on the page `Your Property Assets` too, even though I've follow the steps to deduct it, should I click the delete button next to it to remove it from property assets list?  Or will TurboTax remove them from the list next year? 

Expert Alumni
Mar 23, 2022 7:28:15 AM

Do not delete them.  TurboTax will not remove them but will no longer compute depreciation on them when the lifespan is complete.  However, they will remain on the list for basis computations and depreciation recapture if sold.

 

@nangua825