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Can you help me add an asset for my wife's home business, that we have previously depreciated to this year's return

This has been claimed on previous returns in the past several years
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2 Replies
DianeW777
Expert Alumni

Can you help me add an asset for my wife's home business, that we have previously depreciated to this year's return

It depends. When you want to add an asset and you already have assets, then you will go to your asset list and add another asset.

 

When you are signed into your tax return follow the steps below in TurboTax Online and TurboTax Desktop

  • Search (upper right) > Type schedule c > Click the Jump to... link
  • Edit next to your rental property or business
  • Click on  Add an expense or asset / Add expenses for this work
  • Select Asset > Continue back to the Business or Rental  Info screen > Edit beside the Asset Category
  • Begin to add your new asset
  • Continue back to the business or rental info and scroll to Assets > Edit to add an asset
  • Describe your asset, enter the cost and date acquired > Continue Select 'I purchased this asset'
  • Keep going until you have finished the screens for your asset
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Can you help me add an asset for my wife's home business, that we have previously depreciated to this year's return

Thanks! I was able to get it added and properly depreciated, based on prior years’ tax returns. 

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