For form 4562, TurboTax part V item G says SL-HY (Straight Line - Half Year). My CPA for the last year used DB-HY (Declining Balance). I want to know what I should change in my current year TurboTax to see
1. How to stay consistent in the method used for depreciation across the years
2. Which of the two (DB vs. SL) methods will be better for me for the returns.
Please let me know how to proceed...
Thanks!
You'll need to sign in or create an account to connect with an expert.
Review your data entry in the asset section ... you must have made an incorrect choice. Review the current year depreciation worksheet with the prior year worksheet to see what is different to aid in the corrections. The method must remain the same ... you cannot change horses mid stream.
I don't know what I did but now it shows DB-HY like the last year's CPA's entry. I wish I knew what changes entry from SL to DB... I certainly did not pick any radio button etc intentionally to change it.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.