Business & farm

Volvo Girl,

Thanks for how to find where to enter current and prior depreciation. As I studied my 2019 Depreciation report (attached) as well as ’16 & ’18, I can see that most of my equipment each year was taken as ‘Sched 179’ or ‘Special Deprec. Allowance, so deducted the year purchased. The (9) lines of equipment depreciated in 2014, was all used up by 2019. [Reminder: My questions in this thread relate to my very late filing of my 2020 tax return.]

Correct me if I am wrong, but since I plan to retire and sell my business in 2024 and all equipment with it, there is no need to enter all that prior cost basis/ deprec. into my 2020 TurboTax software history. I will not be selling the equipment off individually, so do not need to associate prior cost basis, etc.

The only two current Depreciation carrying forward items into my 2021, 22, 23 & 24 returns will be:

• The ‘Home Office’ percentage of $1907/ year. This seems to be covered in the Home Office Section.
• ‘Home Office Loan Costs’. This $25/ year has been listed by my prior tax guy in Form 4560 line 16 (Other deprec. incl. ACRS) for the prior 10 years.  (2 screen shots attached)

Not a big deal at $25/ year at all, but the questions at [ Bus. Assets > Bus. Tab > Bus. Inc. & Exp’s. > scroll to Bus. Assets ] do not fit this item. My 10 yr tax guy had the Method of Depr. as 30 yr, SL/NA… not an option in the Bus. Asset section of TTx.

Any thoughts where this $25 amount Prior Year Deprec. Report (2019)Prior returns use 30yr, SL/NAQ's don't apply to Hm.Off. Loan Costsmight go. Asking more for consistency to prior yrs, not the small $25 amount. ;o)

I really appreciate your earlier help and any thoughts on the above.