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waltsyd
Level 1

HELP! Depreciation "Type of Asset" all imported as blank

I just noticed that ALL of my depreciated "Type of Asset" entries on all of my schedule E rentals are BLANK! They all had valid entries last year. So I started a new return, imported from last year again, and the "Type of Asset" fields are all still blank! Furthermore, when I try to select an asset type, I get only two options: M - Home Office and N - Home Office Improvement. What's going on?

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

This is a known bug that was just reported to TurboTax last Friday. It might have been introduced in the update that was released on Thursday. TurboTax is investigating the problem.

 

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17 Replies
rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

This is a known bug that was just reported to TurboTax last Friday. It might have been introduced in the update that was released on Thursday. TurboTax is investigating the problem.

 

laker
Level 1

HELP! Depreciation "Type of Asset" all imported as blank

I am having the same problem.  Do we need to do an update or is this still a fix in the works?

rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

@laker  It's still in the works. The latest information we have is that they expect to have it fixed in an update sometime this week. Updates are usually released on Thursday, but that can vary.

 

NBC2
Level 1

HELP! Depreciation "Type of Asset" all imported as blank

Ran the updates today, the issues have not been fixed.  Do you have any update from the turbo tax team? Thanks

rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

The forum moderator said "the fix has been pushed back to the next release."

 

Traktorherr
Returning Member

HELP! Depreciation "Type of Asset" all imported as blank

Ultimately, will this require a new import of the 2019 taxes?  I am curious, because I have already filed my taxes according to the IRS's schedule and not TurboTax's.  I found the errors in Asset Type after I had already filed.

Traktorherr
Returning Member

HELP! Depreciation "Type of Asset" all imported as blank

BTW I don't know if this is related, but new assets added for 2020 to my rental property using the 200 DB method over 5 years appear to be straight-line depreciated and NOT MACRS in spite of the depreciation selection made.  I don't know if this is related to the Asset Type not being "M" or "N" but blank?

MarkRoss
New Member

HELP! Depreciation "Type of Asset" all imported as blank

Does anyone know if this is being worked? I only have two Asset Types showing, M - Home Office and N - Home Office Improvement. All of my equipment is photo equipment, Asset Type B.

rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

@MarkRoss  Your question is answered in the earlier posts in this thread, above.

 

sentaru
Returning Member

HELP! Depreciation "Type of Asset" all imported as blank

I am also having the same problem, not able to see residential rental in pull down of "Asset type". It looks it has been 3 weeks since the problem reported and no fix yet. Any new timeline for the fix update available?

sentaru
Returning Member

HELP! Depreciation "Type of Asset" all imported as blank

Will I be able to update to an earlier version of turbotax where the Asset type worked?

rjs
Level 15
Level 15

HELP! Depreciation "Type of Asset" all imported as blank

This problem has been fixed by the update released today, September 3.


TurboTax Online is updated. If you are using the CD/Download TurboTax software, update your software.

 

arneys
Returning Member

HELP! Depreciation "Type of Asset" all imported as blank

When I imported 2019, my asset type for home office depreciation got wiped out (it used to be "M - Home Office").  I now have a home office assuming 100% business use, instead of the ratio of my home office space to the total home square footage, as properly shown in 2019.  Moreover, the "M - Home Office" type is MISSING/UNAVAILABLE with my updated version of Turbo Tax 2020.  This is causing the depreciation to be miscalculated, instead of the fraction of sq. footage of the home office.  I'm glad I caught this, but this should be FIXED by now, it's Oct 2021 and my taxes are due this week. 

pc99
New Member

HELP! Depreciation "Type of Asset" all imported as blank

I ran into the same bug.  As a workaround, I changed the Asset Type to "O-Other" and then manually entered the Business Use % calculated earlier in the wizard.  That fixed the depreciation back to the correct amount.  I have sent TurboTax support a message to see if they will be restoring the "M-Home Office" asset type before tomorrow.  If not, I will have to submit with "O-Other" instead.

 

Hope this helps you out.

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