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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..

dfsheeba
Returning Member

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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