I purchased a vehicle in 2023 that was placed in service for the business. I took special depreciation allowance of $20,200 in 2023.
Below are the numbers based on the 2023 1120S.
Purchase price (1/18/2023): $71,275
Special depreciation allowance in 2023: $20,200
Deprecation basis: $51,075
Life: 5yrs
Method/Convention: 200DD/HY
Projected depreciation for 2024: $16,344
When I input the asset information in 2024, the current year depreciation was calculated only $4,562. It was calculated deprecation for 10 years instead of 5 years even though it shows life is 5 years.
Can you help me how to fix the amount?
