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Martin D
Returning Member

vehicle depreciation

My vehicle depreciation was set up on my TT 2019 return.  For 2020 it auto transferred to the car and truck expense worksheet.  Showing $11,039 depreciation.  My schedule C shows $0.  Every thing else looks right.  This is only year 2 for this vehicle.  How do I get the depreciation to show on Schedule C?

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2 Replies
JeffreyR77
Expert Alumni

vehicle depreciation

TurboTax is showing $11,039 in depreciation was deducted in 2019.  You can verify by looking  at your 2019 tax return and Form 4562 will show the amount of either Section 179 depreciation (line 7 or 12) or Special Depreciation (Page 2, Part V, Line 25) that was claimed for your vehicle.  The program believes the asset was 100% depreciated with accelerated depreciation available last year.

 

If there is still basis (value) for this vehicle that can be depreciated, you may need to add a second  asset in the 2020 program and with the remaining basis and depreciate it using regular MACRS..

vehicle depreciation

This reply may be too late for you, but I too had my depreciation $0 on my car for it's 4th year.  I tracked it down to the car and truck expenses worksheet and line 36a Economic Stimulus was checked 'Yes' for qualified property. I changed it to 'No' and I got my depreciation.  

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