Returning Member

After you file

Yes... indeed.  That should be a good solution.  And, Thanks again for the quick reply.  Unfortunately, the "Delete or Remove" form 4562 when selected, and using Tools ..doesn't work.  The form just isn't removed, and the TAX increases, each time it's "deleted" 😡    There is seriously something wrong with the program, and methinks I will have to start with a new return from the beginning.  The good news is the CD permits (4) returns before I have to purchase another one.     


Too bad I can't see my post that you replied to, while I'm writing this reply to you.   (some forums permit a scroll to the entire thread which includes a current reply in progress)


I spent several hours on the phone to a CPA at Turbo Tax ... we tried everything... nothing worked.  For your benefit, here's what I learned regarding the relationship between the general list of depricated items and the form 4562:


If you elect to take a 100% deduction for an asset .. do not do so during the interview process.  Because, the asset will be added to the Form 4562 (as it should) .. but, will NOT be added to the list of depreciated assets in schedule C.    You can always "edit" an asset from that list, if it is in that list, and convert it to 5 years, or 100% for the first year.   However, if it is never entered into that list during the interview questions (which is what happened to me)  there will be no way to remove the item(s) from the form 4560 where the interview process placed it.  There will also be no way to delete Form 4562!   (Big program flaw)


If you first enter all your assets to the Schedule C list using the "add asset" box, rather than using the interview process, it is very easy to select how you wish to depreciate the asset using "edit" ... and, depending on your choices when "editing" the asset, it will automatically be added, or removed from Form 4562 as is appropriate.


By now..I think the only solution to my problem is to delete the first return, and start a second, from the beginning ... and remember  NOT to add assets within the interview process for 100% depreciation in the first year.


Thanks... Regards, Michael