Rental property

[John PJanus]

Turbo tax keeps reducing my depreciation to zero even though I have been allowed to use the amount on Form4562 for the past several years.

[DianeW777]

Depreciation deduction is based on the date placed in service.  If the property has been in service for over 28 years then the depreciation is exhausted and will no longer apply.  Residential rental property has a 27.5 year life recovery period for the building and any capital improvements.  If you believe you have not yet reached that, time frame for your rental property please provide additional information so that I might better assist you.

Any other asset would have a much shorter recovery period.

[John PJanus]

I purchase the property 10/21/2010, Depreciation 27.5 years, Method SL/MM, so termination has not been reached.  I have check consistency of purchase dates, but TurboTax still zeroes out my depreciation. Why?

[DianeW777]

If you like you can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

TurboTax Online:

Go to the black panel on the left side of your program and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

TurboTax CD/Download:

If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:

1. Click on Online in the top left menu of TurboTax CD/Download for Windows
2. Select 'Send Tax File to Agent'
3. Write down or send an image of your token number then place in this issue.
4. We can then review your exact scenario for a solution.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.