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?
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.
I am having the same problem. Do we need to do an update or is this still a fix in the works?
@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.
Ran the updates today, the issues have not been fixed. Do you have any update from the turbo tax team? Thanks
The forum moderator said "the fix has been pushed back to the next release."
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.
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?
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.
@MarkRoss Your question is answered in the earlier posts in this thread, above.
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?
Will I be able to update to an earlier version of turbotax where the Asset type worked?
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.
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.
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.
Bug still exists as of 3/22/2022!!!!
This is simply outrageous!!!!
INTUIT we *pay* for this software - when will you fix the bug?
If not, what is the workaround????
Please see the post above yours - It contains a workaround if you are having the same experience.