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Should last year's future depreciation match this year's current depreciation?
I'm using TT to complete the taxes for my small business this year using a copy of last year's return that was completed by an accountant. The depreciation report from last year lists the future depreciation for one asset as $155 however the amount for current depreciation now calculated in TT for the same asset is $0. All other assets tie in from last year to this year except this one. I've triple checked all amounts/methods/conventions, etc entered for this asset and they match last year. Should I manually enter/override or can they be different?
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If it still shows $0, it may help if you post all of the information about that asset here, as that MIGHT help us determine what is going on.
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Have you checked the actual tax forms to see if it is showing up? Sometime the screens within TurboTax show weird information.
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Can you send a pdf of just this asset and no Privacy information on it like your EIN or name I do not want to see
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Your asset entry worksheet shows you paid $998 for the asset, and that you have already taken $1104 of depreciation ($498 Special Depreciation Allowance plus $606 of regular depreciation).
So you need to change the "prior depreciation" to only the amount of regular depreciation taken (don't include the Special Depreciation Allowance that was taken), which looks like $108 in your case.
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