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Level 1

Question

Schedule C - Car& Truck Expenses Worksheet: State Prior depreciation must be entered

Forum|Forum|6 years ago
April 14, 2020
9 replies
116 views

Schedule C - Car& Truck Expenses Worksheet: State Prior depreciation must be entered, Asking for me to fill in State prior depreciation, and I have no idea what to input

TurboTax Home & Biz Windows

Alumni - Intuit

The State Prior Depreciation would be the same as the Federal Prior Depreciation.

If you stopped using your Business Vehicle and you claimed Actual Expenses, TurboTax fills in this amount for you.

If you claimed Standard Mileage, you need to calculate your Prior Depreciation, based on the number of Business Miles you claimed each year.

Click this link for more info on Calculating Depreciation Equivalent.

If you have used your Business Vehicle for over five years, it is fully depreciated and you can enter an amount equal to the Vehicle Cost, so there is no gain or loss to report.

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Level 2

I stopped using this car and claimed actual expenses but turbotax did not fill it in for me as you said it would. What do you recommend doing now?
using TT home and bus 2021

Alumni - Intuit

Is the asset still being reported on the Depreciation and Amortization Report? Or has the asset been deleted?

See Prior Depreciation column to the right of the form Depr Report in Forms.

If the vehicle has been deleted, you may have to refer to these forms in a prior year tax return to obtain the information.

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