turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

7123cal
New Member

After 2 years of filing which included depreciation on a camera and computer, I do not want to depreciate anything on my new filing for 2023. Will that cause an problem?

I was working in  2022.  I have very little gig work in 2023.  I always had someone else do my taxes but financially I cannot afford it now.  Any info or suggestions would be welcome.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Employee Tax Expert

After 2 years of filing which included depreciation on a camera and computer, I do not want to depreciate anything on my new filing for 2023. Will that cause an problem?

I think you mean you don't want to deduct allowable depreciation on your business assets. Although that is more likely to increase your taxable income and therefore your tax, there are instances where decreasing your business net income can increase your income tax, so it is not advisable to not deduct allowable depreciation. 

 

I suggest you set up your business in the self-employed income section of TurboTax and enter your business assets by their cost and date put into service for the business. Turbo will calculate the allowed depreciation based on that information. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies