I'm trying to do my own C corp taxes this year, and I noticed that the depreciation schedule my former CPA had on a pure business use vehicle is different than what Turbotax is calculating.
Cost: $25,000
Depreciation method: GDS 200% DB/HY
Period: 5 years
In service: 1/31/2016
2016: $3,160
2017: $5,100
2018: $3,050
2019: $1,875
2020: $1,875
2021: $1,875
Total Accumulated Depreciation: $16,935.00
Why does the method my former CPA using limit deprecation limited to $16,935? How would I do this in Turbotax? Turbotax seems to do accumulate 100% depreciation over 5 tears. Thanks!
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MACRS tables, half year convention.
Declining balance rate.
You figure your declining balance rate by dividing the specified declining balance percentage (150% or 200% changed to a decimal) by the number of years in the property's recovery period. For example, for 3-year property depreciated using the 200% declining balance method, divide 2.00 (200%) by 3 to get 0.6667, or a 66.67% declining balance rate. For 15-year property depreciated using the 150% declining balance method, divide 1.50 (150%) by 15 to get 0.10, or a 10% declining balance rate.
The following table shows the declining balance rate.
Property Class Method Declining Balance Rate
5-year 200% DB 40.0
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