turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Depreciation for rental property - tax return for 2020

I am currently filing my tax return for 2020 and need help to figure out how to enter depreciation for the rental property. My tax returns for 2018 and 2019 show the same amount in Schedule E but Turbo Tax didn't automatically prompt me to enter the depreciation amount for my 2020 tax return. How do I enter this amount for Schedule E? I am currently using Turbo Tax Premier which has a section for Assets/ Depreciation but it asks me to enter the initial amount, which I assume it will use to calculate depreciation. Is this the only way for me to enter the depreciation amount?

2 Best answer

Accepted Solutions

Depreciation for rental property - tax return for 2020

Your depreciation, as well as other information about the rental, should have transferred in to your 2020 return (from your 2019 return).

 

If it did not, you can get the accumulated depreciation figure from the Depreciation and Amortization Report in your 2019 return package.

View solution in original post

Depreciation for rental property - tax return for 2020

your 2020 depreciation should be the same as 2019 since the property was in service for an entire calendar year in both years.

@pearl12970 

View solution in original post

2 Replies

Depreciation for rental property - tax return for 2020

Your depreciation, as well as other information about the rental, should have transferred in to your 2020 return (from your 2019 return).

 

If it did not, you can get the accumulated depreciation figure from the Depreciation and Amortization Report in your 2019 return package.

Depreciation for rental property - tax return for 2020

your 2020 depreciation should be the same as 2019 since the property was in service for an entire calendar year in both years.

@pearl12970 

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies