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MD324
New Member

In correct calculation of depreciation

Turbo tax is calculating prior year depreciation on an asset just being put into service current year. How do I get it to calculate the depreciation correctly as year 1? 

 

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1 Reply
JamesG1
Employee Tax Expert

In correct calculation of depreciation

In TurboTax Online, the depreciation calculation is based upon the date that you first started using it for business.

 

Date purchased or acquired is found at the screen Tell Us About This Asset.

 

The date that you first started using it for business may be a later date and is found at the screen Tell Us More About This Asset.

 

 

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