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I am stuck on an error in sch c part vii and it says to see tax help where is that located
for line 51 and 52 the AMT dep allowed is too large--I have never depreciated the car
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June 3, 2019
5:37 PM
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Business & farm
The Depreciation can't be more than the Cost of the Vehicle.
If you claimed Standard Mileage expense for your vehicle, depreciation was built into the deduction.
If so, when you report that you 'stopped using it for business' leave the Prior Depreciation and AMT Depreciation entries blank and enter a 'Depreciation Equivalent' amount instead (screenshots).
More info:
https://ttlc.intuit.com/replies/5230628
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June 3, 2019
5:37 PM