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Deductions & credits
I am using the 2021 TurboTax Business desktop version. Everytime I follow these directions to do straight-line depreciation, it says that 2021 depreciation is $0. Shouldn't the depreciation be the same for all years? I started using the car for business in Feb. 2021 and used it as 63.1% business use.
Additionally, when I edit the asset once I have selected straight-line depreciation, it still says $0 2021 depreciation even with MACRS. I have to create a whole new asset in order for it to recalculate and bring me the correct MACRS depreciation. This seems to be a bug in the system.
I want to use straight-line depreciation so that I may take the standard milage deduction.
Please help me solve this, or give me a phone number I can call.
March 1, 2022
7:35 PM