Fort Mill, SC · Member since 2013 · 17 posts · 1 vote
Why does Turbotax create TWO entries under "Your Property Assets" for the same property? This creates two line items for depreciation which "seems" incorrect. The one entry turbotax creates appears to be exactly what I come up with using an external depreciation calculator. The other line item is about about 500 dollars more in depreciation. One entry is labeled what I called it while the other entry is labeled Residential which Turbotax made up. The placed in service date is the same for both line items.
Does anyone have any experience with this? Any help would be greatly appreciated. I would hate to have to turn this over to a CPA for this one lone issue. I posted on another thread that I thought i may have to amend last years return as that's where I now see this two line item depreciation issue while doing this years taxes Last year was first year it was rented too. Thanks!
Investor · Fairfax, VA · Member since 2014 · 34 posts · 11 votes
10y
@Ivan M. - I noticed the same thing when I logged into Turbotax and started this year's return. I deleted the second entry and am hoping I do not have to do an amended 2014 return. Did you ever find out any additional info on this?
I am not seeing the problem you describe. I entered an asset acquired in 2015 and my depreciation report only has one entry for the asset. What schedule, form or screen are you looking at where you see two entries,
If you have not begun a depreciation schedule for the rental dwelling structure, when you entered a depreciable asset that was not the structure (Class Residential) TurboTax may have created a depreciation line item for the dwelling structure and another for the asset in the structure that you wanted to enter. Could this be what happened?
If you want to PM me, I will duplicate your data entry to see if I can replicate your problem.
Or, you can always visit the TurboTax Live Community where some experienced TurboTax users may have an answer to your question http://ttlc.intuit.com/
Investor · Fairfax, VA · Member since 2014 · 34 posts · 11 votes
10y
@Logan Allec This is what it looks like on my 2014 schedule E. I have one rental property that should be depreciated, but it appears to be showing up twice.