Rental property depreciation

[Johnny727]

I bought a rental home in 2020 but haven’t started depreciation yet.  Is TurboTax software capable of capturing my “back depreciation “.  I know you’re allowed to go back and start depreciating but not sure how easy the software is to do that

[Corrlich44]

Hi Johnny727,

When reporting a rental property within TurboTax, while you would initially be requried to report the depreciable property in its first year of business use, after subtracting out the value of land within because you cannot depreciate land, you would be asked in a subsequent year whether prior years depreciation was claimed and it will automatically compute what the "Allowed or Allowable" amount of depreciation that should have been reported up to the 1st day of the tax year being worked on. Any prior year not claimed will be subject to depreciation recapture once the property is sold.