I file a Schedule C with my tax return, and I have some business assets that are being depreciated as business expenses. I worked with a tax professional in previous years. I want to continue the depreciation, but how do I enter all of that information from scratch on TurboTax, and how do I account for the depreciation that has already occurrred, and then the depreciation that has yet to be deducted?
You will need to enter the assets into TurboTax from the depreciation schedule provided by your tax professional with your last year's tax return. If you do not have it, then call the tax professional and request that he/she send it to you.
To enter this into TurboTax, you will click on the "Business" tab, then "Business Income and Expenses". TurboTax will then ask you a series of questions to set up your business. Once this is complete, will come to a page titled Your "business type" Business, ("business type" being the business type you entered in the setup). You will then scroll down to "Business Assets" and click the "Start/Update" button to the right.
TurboTax will then walk you through a series of questions that will enable you to enter your business assets, taking into account prior depreciation.
For further information, please refer to IRS Publication 946 - "How to Depreciate Property" at the following link: https://www.irs.gov/pub/irs-pdf/p946.pdf