Missing Depreciation and Ammortization Report in return

[JAIME-TITOMALONE]

Last year Ernst&Young prepared my 2023 return and they included in Schedule E reports for Depreciation and Amortization, one per property. Why can't I see these tables in the return produced with TurboTax online, and how do I include this information in my 2024 return?

[PatriciaV]

TurboTax creates a Depreciation and Amortization Report for each activity with depreciable assets in your return. When you download your complete return as a PDF, these reports are included.

If you have entered your assets and reported the prior depreciation, follow the instructions here to preview/print the forms in your return: How do I preview my TurboTax Online return before filing?

[JAIME-TITOMALONE]

Thanks @PatriciaV!

I cannot find this report you mention in the final 2024 return pdf. Does that mean I've done something wrong? What should I check?

Two follow-up questions:

A. Do I need to report last year's calculated depreciations?

B. If yes, can you please tell me where I need to enter this info in the Turbotax Online form?

[PatriciaV]

Yes, you need to set up the assets and report the depreciation already taken on the asset since it was first placed in service. That is the only way TurboTax can calculate the current year depreciation. See this article for more information: How do I handle capital improvements and depreciation for my rental?

Here is a screenshot of the report header you should find in your forms after you complete the asset entries.

[JAIME-TITOMALONE]

Hello @PatriciaV ! Thanks for your answer. I cannot find any Form 4562 in the output pdf so there's something wrong... Can you please help me make some sense?

When I declare my rental properties, I have created an entry in the Assets category per property, below one of them.  And when I go into that rental property, I see the following, so it seems I did enter something correctly:

Here the details of the property, incl. the already claimed depreciation:

So the question is why I do not have a Form 4562 when I print my 2024 return... Any ideas?

I have noticed that my properties appeared as Qualified Business Units in my 2023 return, prepared by Ernst&Young but I do not have any reference to QBU in my return for 2024... Can that have any relation? Would you happen to know what I need to click on to make sure my properties have QBU treatment?

[ThomasM125]

The form 4562 would only be necessary if you added assets in the current year. The associated depreciation would appear on line 18 of your Schedule E. 

For the qualified business income (QBI) issue, you need to review your rental entries and when you get close to the end of that routine, you will see a screen that says Let's see if you're eligible for the QBI safe harbor. You need to work through that section and indicate that your property qualifies for QBI treatment if that is true.

[JAIME-TITOMALONE]

Thanks @ThomasM125! Now I understand it - since I didn't add assets this year there is no form 4562, but I do see the depreciations in line 18 of my Schedule E:

And thanks for the QBI rules - now that I re-read I see where I made the mistake. Let me go back and fix it. Thanks again!!