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Deductions & credits
Hi,
So how would you consider this answer that I found here on TurboTax (from an expert/alumni) while waiting for a reply to my question (it is the same situation as I have -detached garage/shed):
“The other shed and the concrete do need to be depreciated as an Asset. Since this is not a common item being depreciated, TurboTax does not have an easy category for you to use to enter the information: You will need to enter the depreciation as follows when you have selected to enter an Asset:
- Choose the last option on the list, Intangibles, Other Property, then click Continue.
- On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
- Enter the detailed information about the asset: description, cost, date purchased or acquired. Click Continue.
- Continue with additional details on the next screen, then click Continue.
- Select the appropriate Asset Class, such as 15 years which includes 'roads' then click Continue.
- Choose the 150% Declining Balance depreciation method, then click Continue.
- Enter 15 years as the recovery period, then click Continue.
- Answer No to the question regarding Listed Property, then click Continue.
- Make your selection about spreading the deduction over several years, then click Continue.
- Finally, you will see an Asset Summary screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for the asset so you can verify the information that you entered.”
July 30, 2023
6:36 PM