ThomasM125
Expert Alumni

Business & farm

The depreciation of $7,680 appears to high. I suggest you delete the asset and and re-enter it. When you do so, the prior year depreciation will be suggested based on the 85% usage but you can enter the actual depreciation taken of $480 and your depreciation will drop to $5,691 for year two, assuming a five year estimated useful life. Also, TurboTax uses MACRS accelerated depreciation, so your 2nd year depreciation will be at 32% for five year property using a half-year convention.

 

 

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