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Get your taxes done using TurboTax
Appreciate the suggestions you've shared, thanks! I followed your original suggestion to delete and re-enter the car. When re-entering the car TT calculated the depreciation as $5,062, which is much different than the $15,262 from line 36 (Prior Depreciation) of my 2018 “Car and Trucks Expense Worksheet”. When I use $5,062 I do not get the "Depreciation cannot exceed business basis" error during the review, but when using $15,262 or match the full basis of $20k (which you also recommended trying) I get the error during the review. Can I go with $5,062 even though it differs from what had been on my 2018 return?
June 20, 2020
4:54 PM