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State tax filing
How does Turbo Tax calculate the State depreciation for a vehicle? The 2021 depreciation amount calculated does not appear correct. The vehicle was put in service in Oct 2020. Last year's state depreciation (3 months) and return appear correct. The depreciation calculated for 2021 is less than double 2020's depreciation when it has been in service for a full year compared to 3 months for 2020.
Also, I am assuming the depreciation adjustment is the difference between what is reported on the federal return for depreciation less the State's depreciation for the current year?
March 2, 2022
3:28 PM