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miller-brittney9
New Member

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

 
5 Replies
Ron_in_Tn
Level 2

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

I assume this asset does not carry forward into your 2016 tax return. In that case, enter it as if it were a new asset, but put in the correct "date placed in service". For example, if the asset was initially depreciated starting 4/1/13, then enter that date. Also, there will be a place to enter the "prior depreciation" taken. You will need to get this info from those two prior years. Once Turbo Tax has this info and you specify a 3 year recovery period, the software should accurately calculate the 2016 depreciation. 

ron. 

miller-brittney9
New Member

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

I dont have a specific date and it is on my 2014 taxes as the start to a 3 year asset meaning 2016 would be the last year. What date do I enter?
Ron_in_Tn
Level 2

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

If you have a copy of your 2014 tax return when the asset was first placed in service, there should be a form 4562 included which has the date placed in service. That is the date you enter. The schedule C should have the 2014 depreciation. On the 2015 tax return, there will be no form 4562, but you can get the 2015 depreciation from the schedule C. That will provide the information you need. Add the 2014 and 2015 depreciation together and that will be the "prior depreciation" you enter on the 2016 return.

ron.
miller-brittney9
New Member

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

I do not have a schedule C as I have a schedule F. I can see the depreciation in the 2015 but it did not have a date in the month and year placed in service
Ron_in_Tn
Level 2

I have a 3 year asset that I need to depreciate that has been depreciated 2 prior years but I did not do the taxes myself the past two years. Where do I enter it?

Schedule F will work the same as a C. You need to get the date from the 2014 tax return. That was the first year the asset was depreciated. Also, get the 2014 depreciation from the Sch. F in that return.

ron.
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