Is there any way to modify the depreciation of a rental property in TurboTax?

[Sunny2August]

In TurboTax Premier, is there any way that the depreciation of a rental property can be modified? I don't know how TurboTax calculates the depreciation, but I believe it calculates the depreciation much more than it should be. I have not found where I can enter or modify the depreciation in TurboTax Premier.

Thank you very much.

[FangxiaL]

Please clarify: How long have you been depreciating the rental property? The land portion can not be depreciated. So you need to separate out the land value from the purchase price of the property.

[Sunny2August]

It is a multi-year rental property without land value. I just try to see if there is a way in TurboTax to modify the depreciation it calculates, which I believe is too much.

Thank you.

[ThomasM125 · Accepted solution]

You can make changes to depreciation methods and years if you use the desktop/download TurboTax product. You do that by accessing the asset entry worksheet by using the Forms mode. You can purchase the download product and then download your tax file so you don't have to re-enter the information you have entered using the online TurboTax product.

You will see an option for that by using the Tax Tools option on your left menu bar, and then Tools and then Save your 2021 tax return to your computer. 

Here is a link to where to purchase the download TurboTax products:

TurboTax download products

[Carl]

For starters, can you clarify why you think depreciation is to high? It would also help to know what the asset is.

if you have been depreciating an asset for 2 or more years and have a valid need to change it, you can't just "change" it in year 3 or later. Under no circumstances and with no exceptions should you ever change anything dealing with depreciation in the TurboTax program. Doing so completely skews the depreciation history, which will make your "new" depreciation wrong also. Then, that's basically hanging out a sign to the IRS begging them to audit you yesterday, if not sooner.  Lets not go there.

If the depreciation has been wrong for two or more consecutive years, the IRS has a specific method using IRS Form 3115-Change in Accounting Method, to fix it and make things correct.

So what tends to make you think depreciation is wrong? Let's confirm it's wrong before pressing any further. It may not be - unless you are renting out a percentage of your residence, or some other property that is less than 100% rental use.

[shohoku81]

I downloaded the desktop version of turbotax Premier.  When I downloaded, and installed, all of my information was blank and I would have to re-type everything.  How do you import my info into desktop version?

[Carl]

Did you use the online version last year? If so, follow the instructions to switch to the desktop version at https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/switch-turbotax-on...

[ticehac]

Hi All,

Can anyone confirm if this ability to update depreciation tables applies in Turbotax desktop to federal and state returns separately?  My issue is that I need to keep California depreciation of foreign rental property consistent with the Fed methodology.  Turbotax defaults to the California depreciation methodology which is inconsistent with my previous tax submissions for these foreign properties.  So I want to update the CA depreciation only and cannot do that on Turbotax online.  I would switch to Turbotax desktop if that allowed me to update CA depreciation only.  I did not use TurboTax in previous years and need to be consistent with my previous tax submissions and tax preparer advice.  

thanks

Alex

[DianeW777]

TurboTax Desktop will allow you to make changes when using 'Forms'.  I would advise making the adjustment after you have completed all parts of your return.

• How do I switch from TurboTax Online to TurboTax CD/Download?
• How do I manually fill out forms in TurboTax Desktop?
• How do I override or replace an amount calculated by TurboTax?

If you must use the 'override' function you may have to mail your returns. 

@ticehac