How do you enter the asset EQUIPMENT information (Description, Date in Service, Cost, Basis, Method, Prior & Current deprec.) for prior year -and- current year EQUIPMENT in TurboTax Home & Business 2020 DESKTOP on a MAC? Yes, it is late 2023 and I am just now filing for the 2020 tax year. I’ll be doing 2021 & 2022 w/ TurboTax as soon as I figure out this depreciation issue in TT 2020. I have overpaid all my prior year pre-payments, but did not file... until now. In two + days of Googling this, I have found no answers for "equipment" depreciation. I'm very frustrated, so I searched for a TT forum, and here I am. ;o)
If there is no way to do this in TT Home & Business '20, '21, & '22, what can I do as a workaround?
Thank you, I really appreciate any assistance if there is a way to do this.
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I should have added.....You add them as new assets and enter the date you bought it. It will take you though entering the prior depreciation. If you can't find the right screens I can make you more screen shots from my 2020 windows Home & Business program.
You enter it under Business Assets. Click on the Business tab, then under Business Income & Expenses scroll down to Business Assets.
I should have added.....You add them as new assets and enter the date you bought it. It will take you though entering the prior depreciation. If you can't find the right screens I can make you more screen shots from my 2020 windows Home & Business program.
Volvo Girl,
Thanks for how to find where to enter current and prior depreciation. As I studied my 2019 Depreciation report (attached) as well as ’16 & ’18, I can see that most of my equipment each year was taken as ‘Sched 179’ or ‘Special Deprec. Allowance, so deducted the year purchased. The (9) lines of equipment depreciated in 2014, was all used up by 2019. [Reminder: My questions in this thread relate to my very late filing of my 2020 tax return.]
Correct me if I am wrong, but since I plan to retire and sell my business in 2024 and all equipment with it, there is no need to enter all that prior cost basis/ deprec. into my 2020 TurboTax software history. I will not be selling the equipment off individually, so do not need to associate prior cost basis, etc.
The only two current Depreciation carrying forward items into my 2021, 22, 23 & 24 returns will be:
Not a big deal at $25/ year at all, but the questions at [ Bus. Assets > Bus. Tab > Bus. Inc. & Exp’s. > scroll to Bus. Assets ] do not fit this item. My 10 yr tax guy had the Method of Depr. as 30 yr, SL/NA… not an option in the Bus. Asset section of TTx.
Any thoughts where this $25 amount might go. Asking more for consistency to prior yrs, not the small $25 amount. ;o)
I really appreciate your earlier help and any thoughts on the above.
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