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Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

 
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5 Replies

Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

You'd need to look at the actual return and see which numbers changed, just looking at a balance due or refund amount doesn't tell you whats actually happening on the return.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

If the business or rental has a loss, in some cases the extra expense won't increase that loss and it will be carried forward.

As Lisa said, look at the actual tax forms to see what is happening.  Is the depreciation showing up on the tax forms?  If it is, is the rental or business profit/loss changing?  Print the tax return before entering the depreciation and then again after entering the depreciation, then look at which numbers changed and don't change.  Once you have that information, if you have further questions, we may be able to help you.

You also indicated you are using the "Live" version which means you are paying extra for the assistance of a tax professional.  So it may be easier to contact that tax professional to find out what is going on.

Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

Thank you, both! Actually we submitted the question to the tax pro but the earliest available pro isn’t available til next week! Definitely not impressed with this pro service bc u don’t really get the help u want when u want/need it. We’re waiting for a call back next week. Thanx again.
Carl
Level 15

Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

With rental property, if you have a mortgage on it then it is extremely rare to show a profit on paper when you do your taxes. It's much more common for rental property to show ever increasing losses each year that get carried forward to the next year. Remember, depreciation is not a choice - it's the law. You have to take it.
So basically, once your deductible things gets your taxable income to zero, that's it. Any remaining deductions get carried forward to the next year where they will be deducted *IF* you have the income to deduct them from. With rental property, chances are high you'll never have enough rental income to deduct all your carry over expenses from *and* your current year expenses. The excess is referred to as unrealized losses. You don't get to "realize" those losses until the tax year you sell or otherwise dispose of the rental property. Only then can your passive losses be deducted from other ordinary income.
Anonymous
Not applicable

Before we added in Asset Depreciation amount owed was $536. After entered depreciation amount of $2203 amt due not changed. Why tax debt does not change?

why not use live support for which you are paying extra. 

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