Question

How can I enter the depreciation on a rent house? Turbo Tax is not showing it although I have used Turbo Tax previous years. I have already paid for but not sent forms.

Forum|Forum|3 years ago
March 10, 2023
2 replies
0 views

I have three houses. Two of them show depreciation but one doesn't. Bought the same time. How can I enter this info. after having paid Turbo Tax?

TurboTax Premier Online

G

GeorgeM777

Sign back into your TurboTax account. Then go to the Wages & Income section and scroll down the screen to Rental Properties and Royalties. Select Start or Update and continue through the application until you get to the Rental and Royalty Summary screen. On this screen you should see the two rental properties you have already entered, and maybe the one that is missing depreciation. If the rental property that is missing depreciation is not there, select the tab for Add Another Rental or Royalty and enter your information about this rental property.

If all three rental properties are there, select the one you need to edit. On the screen Review Your Rental Summary, scroll down the screen to Sale of Property/Depreciation and select Start or Update. On the screens that follow, check your entries about this property. You will need to enter, among other things, your cost basis, the cost basis of the land, and the dates you placed the rental property in service. After the pricing information has been entered, you should see the screen, Asset Summary. Here you should see your depreciation for this rental property as well as other information.

@freewheeler23

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U

User2025

I was not able to find the Sale of Property/Depreciation option.

Carl11_2

@User2025
I was not able to find the Sale of Property/Depreciation option.

That's most likely because in the Property Profile section you did not select the option for "I sold or otherwise disposed of this property in 2023".
If you do not select that option, then what you're looking for will appear as "Assets/Depreciation"

If you DO select that option, then it appears as "Sale of Assets/Depreciation" or "Sale of Property/Depreciation"

Carl11_2

What exactly is TurboTax 2022 not showing? The entire rental property? Or just the depreciated asset in the Assets/Depreciation section?

B

billbonney

It is not showing the depreciation option. Also I don't know how to figure it.

Carl11_2

"You" don't figure the depreciation amount. The program does that "for you" after you enter the property in the Assets/Depreciation section.

If you're not seeing the Assets/Depreciation section, then I'm guessing you made an incorrect selection on a prior screen. Most likely, you selected "royalty income" instead of "rental income". It's also possible that you may be jumping all over the place in the program, instead of doing things in the order the program is designed and intended for. Jumping around can cause this too, as you have to complete the "Property Profile" section first.