How can I adjust depreciation calc? In 2023 I had $6520 asset to depreciate - I claimed $5216 bonus depr + $65 1st yr depr. I can claim $124 for 2024, but TT has $0.

I used H&R Block for 2023 and that generated the depreciation schedule that shows $124 for 2024.

1272

Expert Alumni

Mar 18, 2025 2:06:35 PM

When entering the asset that was purchased and used 100% for business use in 2023, make sure that you used the same date of purchase and date started using it for business as was reported on the 2023 Federal income tax return.

At the screen Section 179 Deduction, enter the bonus depreciation claimed on the 2023 Federal income tax return.

At the screen Confirm Your Prior Depreciation, make sure that you report the depreciation claimed in previous years.

New Member

Mar 30, 2025 7:28:02 AM

Thanks, JamesG1!

I got it to work by fumbling around before I read your reply.

Now I think I understand how special depreciation allowance is managed in Illinois.

It kinda makes sense, but some of these calculations can leave a person scratching their head.

Like SE taxes.

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How can I adjust depreciation calc? In 2023 I had $6520 asset to depreciate - I claimed $5216 bonus depr + $65 1st yr depr. I can claim $124 for 2024, but TT has $0.