In 2023 form 4562, section B - Assets placed in Service 2023 was used for a computer. 5 year property was selected. I do not see where that transferred into my 2024 taxes. Where would I check to see if it updated to 2024, and if it didn't update how do I enter the information?
If you used TurboTax, the information will be on your Depreciation report. Check the asset to see if you used the bonus depreciation of opted for the 179 deduction. It will still be on your 2024 Depreciation Report as well.
i used the same tax software as I am this year, TurboTax for home and business desktop version. I don't see anything that says bonus depreciation. I used what TurboTax recommended last year which was 5 year property, convention is MQ, Method 200 DB. There is no 2024 depreciation report.
If the asset is associated with your Business, Edit your Business. You'll go through several screens asking about income, then in the Expenses section, go to Assets and Depreciation.
If you have other assets shown, but not the one you're looking for, you can 'Add an Asset'.
However, if you added the asset in 2023, look at your copy of your 2023 return for Form 4562, which will show what type of election you chose.