@mquilter wrote:
.....Do I enter the asset purchase price in TurboTax as only $6,641?
Personally, I would enter that lower figure because the software does not support Form 8826 and a test (that included a transfer from 2019 to 2020) resulted in additional depreciation being calculated for the 2020 tax year when the input for the asset was $11,641 and a partial Section 179 deduction was selected.
So, yes, TurboTax will calculate an annual figure on the remaining $5,000.
There was a similar (actually, virtually the same) question asked last year with respect to a 2019 return being prepared with TurboTax but there was no definitive answer.
