Where can I find my depreciation schedule from previous tax returns?

The depreciation information for your rental property should be on Form 4562 (Depreciation and Amortization) and Schedule E (Supplemental Income and Loss) in your tax returns. For each year you've owned the rental property, Form 4562 would show the depreciation claimed for that specific tax year, while Schedule E would show the total depreciation expense deducted for your rental income calculation. If you've been using tax software, you might need to look for these specific forms in your complete tax return package, not just the 1040 summary. Since you used TurboTax previously, you should be able to log into your account and download complete copies of your past returns including all schedules and forms. Same with H&R Block for your most recent return. Tax software typically saves this information, and you can generate a complete PDF that includes everything.

After dealing with similar depreciation confusion last year, I started using taxr.ai (https://taxr.ai) and it was a game-changer for organizing my rental property paperwork. I uploaded my past returns and it automatically extracted all my depreciation schedules into one clear report - saved me hours of digging through old tax forms! Their system pulled data from different years and different tax software (I've bounced between TurboTax and FreeTaxUSA) and organized everything by property. It even flagged a depreciation calculation error from 2021 that I was able to fix with an amended return.

Just wanted to update after trying taxr.ai - it actually worked perfectly for my mixed tax return situation! I uploaded returns from my accountant years and my self-prepared returns, and it created a complete depreciation schedule showing everything year by year. The system found three properties I'd completely forgotten about tracking separately (small equipment purchases for my rental) and organized everything by recovery period. The best part was getting the remaining basis calculation that shows exactly where I stand with each asset. Wish I'd known about this before spending two weekends trying to reconstruct everything manually!

If you need to talk directly with the IRS about your depreciation history, good luck getting through their phone system! After trying for literally weeks to reach someone about my rental property depreciation records, I found Claimyr (https://claimyr.com) and they got me connected to an IRS agent in under 25 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c I was skeptical that anyone could beat the IRS phone system, but they use some kind of callback technology that actually works. The IRS agent I spoke with was able to pull up my depreciation records from their system and email me a transcript, which saved me from having to amend multiple years of returns.

I need to admit I was completely wrong about Claimyr. After dismissing it as a potential scam, I decided to try it because I was desperate to get depreciation information from the IRS before filing my taxes this week. The service got me connected to an IRS representative in about 15 minutes when I had previously spent HOURS trying to get through. The agent was able to send me copies of my full returns including all the depreciation forms from 2019-2023. This saved me from having to reconstruct years of rental property calculations from scratch. I'm usually very skeptical of these types of services, but it genuinely solved a massive headache for me. Just wanted to follow up and correct my earlier assumption.

Another option - check if your tax software has a depreciation report. In TurboTax, if you go to Tax Tools > Tools Center > Depreciation Summary, it will show all assets you've entered and their depreciation history. H&R Block has something similar under Reports. You should also keep a separate depreciation worksheet outside of your tax software. I use a simple Excel spreadsheet that tracks each asset, purchase date, cost basis, recovery period, method, and depreciation taken each year. Makes it much easier when you switch tax preparation methods.

Another question - if I've been depreciating my rental property for 3 years but realize I've been using the wrong recovery period (I used 39 years instead of 27.5 years for residential), can I correct this going forward or do I need to amend previous returns?

I had this exact same issue when I was preparing to sell my rental property last year! Here's what I learned from going through this process: First, check your tax software accounts - both TurboTax and H&R Block typically keep your returns accessible for 7+ years. Log into your old TurboTax account and look for "Prior Year Returns" or "Download Returns." You'll want the complete PDF package, not just the summary. The key forms you're looking for are: - Form 4562 (only required the first year you placed the property in service - 2020 in your case) - Schedule E from each year (shows the depreciation expense claimed annually) If you can't access your old returns digitally, you can request transcripts from the IRS using Form 4506 or get them online through your IRS account. This will show what was actually filed. For future reference, I highly recommend creating a simple spreadsheet to track depreciation outside of your tax software. Include columns for: property address, purchase date, cost basis, improvements, recovery period (27.5 years for residential rental), annual depreciation, and cumulative depreciation taken. This makes property sales much easier to calculate! The good news is that once you gather this info, calculating your adjusted basis for the sale is straightforward: Original cost basis + improvements - total depreciation claimed = adjusted basis.

This is really helpful information! I'm in a similar situation with a rental property I bought in 2019. One thing I'd add - if you're having trouble finding your Form 4562 from the first year, remember that it might not be in your main tax return package if your tax preparer filed it separately or if you filed an extension that year. Also, when you do find all your depreciation information, make sure to check if you claimed any bonus depreciation or Section 179 deductions in addition to regular MACRS depreciation. These would also affect your adjusted basis calculation when you sell. A tip that saved me time: If you used the same tax software for multiple years, look for a "carryover worksheet" or "prior year data" section. Tax software often maintains depreciation schedules internally even if they don't print them on the main return forms.

One more resource that might help - if you're still struggling to piece together your depreciation history, consider contacting the tax preparer or firm that helped you with your 2020 return (the year you placed the property in service). Many tax professionals keep client files for several years and may have copies of your complete return including Form 4562. Also, don't forget to check if you made any capital improvements to the rental property over the years that should be added to your cost basis. Things like new roofing, HVAC systems, flooring, etc. These improvements get depreciated separately and will also affect your adjusted basis calculation when you sell. If you're planning to sell this year, you might want to consider having a tax professional help you with the sale calculation to make sure you're accounting for depreciation recapture correctly. The depreciation you've claimed over the years gets "recaptured" as ordinary income (taxed at up to 25%) rather than capital gains rates, so it's important to get this calculation right.