Hi friends I got an issue and I hope you can help me.
I got a truck that It was bought in 2019
1) Truck : 2019 Ford F-150
2) Date of purchase : 01-01-2019
3) Purchase value : $18,000
4) Condition : Used from dealer
5) Payments : $378.00
6) Interests : $230.00
2019 The tax preparer used the section 179
Tax Return 2019
1) Schedule C Profit or Loss From Business ... show up in
Part II Expenses. Enter .......
Line 13 : Depreciation and section 179 expenses deduction ...... $5,017.00
2) Depreciation and Amortization Report ... show up
Prior Depreciation column : 0.0
Current Depreciation column : 0.0
Tax Return 2020
How should the truck to be depreciated for this year
Prior Depreciation : $XXX.XX (?)
Prior AMT : $XXX.XX (?)
I was doing my research work and I found the following
Someone asked
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(Q) Should I leave the section of "Car and Truck Expenses Worksheet: Prior/AMT depreciation" as 0 as I do not how to acquire that information? Or would it be a problem?
I do know the definition of car depreciation but I 1do not know what I need to fill in nor where I can find that information. I'm stuck in the federal review section because of this and I cannot move on. Can I just put in 0 and would it be fine?
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(A) I have the same question. Too bad Turbo Tax does not automatically open a help window telling us how to find the answer. I hope I got it right. I went to last year's complete Fed tax forms, and towards the back I found Form 4562, This form is several pages long. Find the "Depreciation and Amortization Report", go to the line listing the item of interest, e.g. model xxx car, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Next find the "AMT Depreciation Report" (also part of Form 4562), go to the line listing the item of interest, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Again I'm not sure why Turbo Tax does not AUTOMATICALLY extract those 2 numbers from the previous year and populate the applicable boxes for the current year. So much more convenient!!
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Attached you can find the reports and some information for 2019
I don't know what to put, I'm in doubt
Thank in advance
