I am going thru my farm expenses, last year I has no current year deduction for equipmendepreciation - Do I still need to do a depreciation schedule?

[Cattlerancher · Accepted solution]

Your farm assets and their previously allowed depreciation totals stay in your TurboTax Farm Income and Expenses section until you edit the asset for disposal. Each year TurboTax will automatically take your allowed depreciation. You do not re-enter the assets each year. You need to keep your depreciating assets in your Asset Summary until you dispose/sell them and recapture your depreciation (which is taxable income).