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Get your taxes done using TurboTax
There may have been another factor with the increased tax or are you entering the deprecation incorrectly?
This is probably possible, nothing is perfectly clear. I looked at my 2020 return and captured what was listed for 2020 for each asset, then listed that in the "previous years" entry.
With the TurboTax program, the program usually calculates the depreciation for the tax year.
The system did make a calculation, but I had to update it manually because the tool tip stated, "If last year was your first year, use the same amount from last year (I think)"
Were you entering "Previous Years Depreciation"?
I only entered the 2020 depreciation...still not really certain what and where I'm going wrong.
March 27, 2022
7:05 PM