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winkfp
New Member

How can you figure correct depreciation, asset class on the 8829 and asset entry worksheet if there are no choices that fit, & your override, if possible shows errors ?

 I used to use an acct. who did my depreciation worksheets etc. for my home office. Form 8829 computes automatically (Line 42). The depreciation amt allowable is lower and has been the same for the last 20 years or so. Cannot override because message says that e-filing can cause problems. Also , on the asset entry worksheet, there is no asset class for home office (the IRS says use code M) and cannot indicate 39 years from the original date  as was the case years ago. Now line 46 on the worksheet has other choices 3, 5 , 7 15, 25... Can't override that. Errors still show at final review.


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Accepted Solutions
MarilynG
Level 11

How can you figure correct depreciation, asset class on the 8829 and asset entry worksheet if there are no choices that fit, & your override, if possible shows errors ?

On the Asset Entry Worksheet, choose M - Home Office  for 'Type of Asset'. 

 

The Detail Asset Information, Recovery Period, should then automatically fill in for 39-year Depreciation.

 

 

 

 

 

[Edited 3/11/2020 | 5:32 PM]

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2 Replies
MarilynG
Level 11

How can you figure correct depreciation, asset class on the 8829 and asset entry worksheet if there are no choices that fit, & your override, if possible shows errors ?

On the Asset Entry Worksheet, choose M - Home Office  for 'Type of Asset'. 

 

The Detail Asset Information, Recovery Period, should then automatically fill in for 39-year Depreciation.

 

 

 

 

 

[Edited 3/11/2020 | 5:32 PM]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

winkfp
New Member

How can you figure correct depreciation, asset class on the 8829 and asset entry worksheet if there are no choices that fit, & your override, if possible shows errors ?

I used an asset entry worksheet that didn't have the M relating to home office and did not have 8829 in title. Thus, could not do. When I went to depreciation worksheet from the form , the correct worksheet came up with the 39 years. Thanks Turbo Tax.

Still line 42 of of 8829 is different from what accountant has. I will request info from him with appropriate worksheets to see why numbers are different. I do other family members using TurboTax and have been very satisfied.
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