How do I adjust 1065 depreciation schedule to match amounts from my CPA? Annual amount is correct, but cumulative is off.

[c13]

For my 1065, I'm deprecating a property over 27.5 years. Turbo tax does well to calculate the annual depreciation amount. However, the cumulative depreciation total is off from what my CPA calculated last year. I've tried adjusting the date I acquired the property, but it seems like the deprecation schedule is rounded to the nearest month and I'm not able to match the amount exactly.

Is there a way to adjust the deprecation schedule to exactly match the total from what my CPA calculated for last year?

[DDollar]

If the annual amount is correct, you can go into the Asset Worksheets in the Forms Mode and adjust the accumulated depreciation for the beginning of the year.  To do so, click on the Forms icon.  Then on the left hand side of the screen, scroll down to the proper Asset Worksheet.and click on it.  Look for the beginning balance of the depreciation and adjust it.

[c13]

Hi thanks for your fast response! When I try adjusting the prior depreciation in the asset worksheet, the depreciation deduction also changes. It seems like the depreciation deduction in turbotax is auto-calculated based on prior depreciation and remaining life on asset (rounded to nearest month?). The error I'm have is that the amount is off by ~$500, which equates to around 10 days.

Is there a different field to be looking at? Thanks!

[TaxGuyBill]

Cumulative depreciation is (1) prior depreciation, plus (2) current depreciation.  If those two match, it is correct on your tax return.

So perhaps the prior tax return had something wrong, or there was additional depreciation from some other asset.

[c13]

The annual amount seems correct and consistent year to year. The problem is that probably the start date and amount prorated in the first year is probably off by about 10 days, hence the discrepancy. Is there any way to adjust it? Seems like there is some type of rounding done.

[TaxGuyBill]

You can't just adjust something until you know WHAT is wrong.

Can you give us specific numbers?  The Basis, the "placed in service" date, what you have for prior depreciation, current depreciation, etc..

Where exactly are you looking at the "cumulative depreciation total" that seems off?