Business & farm

Your questions and answers are as follows:

• 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.
  • Any asset that is fully depreciated does not need to be entered on your 2020 return, however you will need to account for them ii the sale.  Each will have a zero cost basis but will have a selling price assigned to it.  The selling price and selling expenses must be prorated for each asset that is part of the sale.  You can prepare for that now by figuring out the percentage of each asset.
• The only two current Depreciation carrying forward items into my 2021, 22, 23 & 24 returns will be:
  • If the home office is the only depreciable asset at this time, then yes, you will complete that in the home office section.
  • As far as the loan cost you can enter that under 'Other' expenses and use the label of 'Amortization of Loan Cost' or use the steps below which will carry it to the same location:

1. Sign into your TurboTax Account > Search (upper right) > Type rentals > Press enter > Click on the Jump to .... Link
2. Edit beside the rental you want to work on > Scroll to Assets > Edit
3. Select Yes to go directly to the asset summary >
4. Add or Edit the asset for the loan refinance costs > Select Intangibles, Other Property > Continue
5. Select Amortizable intangibles > Continue > Enter the details about your costs including the refinance date
6. Continue > Select the Code Section 163 for loan fees > Enter the useful life (number of months of the loan)
7. The final screen will show the deduction.  

@davekro