2524165
You'll need to sign in or create an account to connect with an expert.
A real fix:
After 16+ hours on phone with 7 TT agents and supv..
A tax expert suggestion fixed the problem (i.e., removed the "irs is working on 4562" statement) and the software moved to the screen permitting me to add a new asset to be depreciate).!!!
The solution was to open each of my carried forward asset worksheets and deleting those which had zeroed out. Doing so, updated my carried forward 4562 summary of assets. Doing so, and returning to the section for adding a new asset resulted in the "irs" statement disappearing and the add asset screen and following questions for entering a new asset appeared. Problem solved, I was able to add new assets, finish and e-file my taxes.
(Note the tax expert explanation was that the number of assets I had accumulated exceeded a limit and/or the number of zeroed out assets was impeding the software calculating and moving beyond that "IRS working on asset and 4562 worksheets".)
( In addition, as an alternative I found that you can go into open forms, open a blank asset worksheet and enter the new asset into the worksheet directly. You will see that it calculates the depreciation correctly based on how you categorize it and based on date put in use, and your taxes owed is appropriately adjusted, and new asset is added into your asset summary list. )
The most recent update from yesterday (April 6, 2022) seems to have finally fixed the issue for me.
Seems like TurboTax still doesn't support foreign property depreciation after like over 15 years! OMG!
I had switched to using TaxAct because of this. But I moved back to TurboTax about 3 years ago thinking for sure it was now supported. The fact it never showed me a depreciation report didn't alert me to the problem, until today, when I was trying to estimate next year's tax return by treating my overseas property as sold (as it's been indeed sold a couple weeks ago). Then it showed me that error message!
Looks like the glitch is fixed. I was able to complete my rental property sale and file my return!
So it's an overseas property with a 40 year depreciation period? And you received a software update in between?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
midtowncpa
Level 2
kare2k13
Level 4
mpruitt71
New Member
CarolK
Level 1
widmayer-boucard
New Member