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I HAVE OWNED A RENTAL HOUSE SINCE 2000, AND LOOKING BACK

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THROUGH THE PAST RETURNS SINCE...
I HAVE OWNED A RENTAL HOUSE SINCE 2000, AND LOOKING BACK THROUGH THE PAST RETURNS SINCE 2008 THERE HAS BEEN NO DEPRECIATION LISTED ON SCHEDULE E HOW CAN THAT BE?.
Submitted: 1 year ago.Category: Tax
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10/13/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

If you can verify that there is no amount on Line 18 of the Schedule E and you do not see any amount on Line 17 of form 4562 then for some reason no depreciation was calculated in the past.

If you did not prepare your own returns then you should contact the preparer. You are not required by law to claim depreciation on your return but should you sell the property and have a gain, you are required to recapture depreciation (depreciation allowed or allowable).

Depreciation on resident rental property is shown for 27.5 years.

You may be able to correct this with form 3115. That may allow you to claim all the depreciation that was not used so far.

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Customer reply replied 1 year ago
I have been doing my own taxes with turbo tax and it looks like no depreciation has ever been claimed. How come turbo tax didn't ?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Deductions that reduce the basis of property, like depreciation , are taken last, but only to the extent gross income for the activity is more than the deductions taken in the first categories. You may have reduced the rental income with all the other expenses claimed first.

You are allowed sometimes to claim a passive loss that is more than passive income. This would allow you to claim depreciation too as a loss. If you indicated that you did not have "active participation" then you are not allowed the loss.

When you go through the program (TurboTax or any other) you are required to make the entries and indicate in certain screens the amount of the property cost, how much the land was worth, when you first started to use as rental and then it would calculate the depreciation for you.

You could contact TurboTax Support and have them look at how you answered the rental questions.

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