Solved: depreciation rental property
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Level 1

depreciation rental property

In the rental section for depreciation MACRS convention My previous preparer used sl-mm but in the turbo tax

there is no choice for that convention. also there is no question for the depreciation life I.E. number of years?

Thanks

Harold

1 Best answer

Accepted Solutions
Level 15

depreciation rental property

Assuming this is residential real estate, select Rental Real Estate Property and then Residential Rental Real Estate in the Rental Properties and Royalties section (this will give you SL-MM over 27.5 years).

 

 

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2 Replies
Employee Tax Expert

depreciation rental property

TurboTax predefines the useful life and uses the most advantageous depreciation method. For residential property, it will automatically use 27.5 years and Straight line.

 

Since you are entering in prior information not previously entered in TurboTax, then it is going to determine what is left to depreciate by the entry for what has already been taken as depreciation.

 

This is all done in the Expense section of Residential Rental area. Select Asset as the type of expense and identify the category one at a time. 

 

You will be able to see the details when it is finished. There is an asset summary that will show them, as well. 

 

If you are using the CD/Download version, navigate to Schedule E on the Forms in My Return and look for, p1: Supplemental Income & Loss>Schedule E Worksheet> Form 4562: Depreciation & Amortization to see the details. You can do a search in Forms mode by clicking on Open Form and entering 4562 in the search box. But, be sure you are opening the Schedule E Form 4562.

 

After selecting add an asset, you will see Rental Property and Improvements at the top of the list. You can select these and continue: 

 

Answer the series of questions for each asset one at a time. Part of the interview will be to answer what has already been claimed.

 

 

From the Asset Summary, other types of assets can be added:

You will be able to show the details by checking the box at the end of the interview, shown in the screenshots below before and after checking the box.

 

 

Level 15

depreciation rental property

Assuming this is residential real estate, select Rental Real Estate Property and then Residential Rental Real Estate in the Rental Properties and Royalties section (this will give you SL-MM over 27.5 years).

 

 

View solution in original post

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