Rental real estate depreciation for new roof installed in 2010

[Anonymous_]

Do you have a question? 

Are you, in fact, using TurboTax Business?

[malichi99]

Yes, I’ve owned a property since 1983 and made improvements over the years.  Where should I enter fully depreciated items such as roof, carpet, refrigerator, etc.  I’m using Ttax Business.

[malichi99]

… residential rental property single-family home

[Anonymous_]

Have you been depreciating the items separately?

The assets would typically be entered in the Rentals and Royalties section of the program.

[malichi99]

Yes, but this is the first year I’ve used TurboTax business. We calculated depreciation over the years manually. What’s confusing is how to enter the individual assets.  We sold the property August 2021.

[Anonymous_]

Is this a partnership or multi-member LLC taxed as a partnership?

You would first enter the assets in the Rental Real Estate Assets section. 

[malichi99]

Partnership

[Anonymous_]

If you have kept track of the total depreciation that was deducted over the years, you can enter just one asset (the primary property, e.g., the structure and land).

[malichi99]

Everything has been fully depreciated except one item, and it appears the TurboTax program asked for Separate entry for assets that are not yet fully depreciated. So, are you saying if I just add all of the depreciation up to the date of sale for all items including the house structure etc. then that’s the only number I need?

[malichi99]

I’m off the air until 2:30 ET.

[Anonymous_ · Accepted solution]

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@malichi99 wrote:

.....if I just add all of the depreciation up to the date of sale for all items including the house structure etc. then that’s the only number I need?

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Yes, that is one method for entry.

[malichi99]

Thank you very much!
Have a great Spring,

John