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Business & farm
TurboTax is showing $11,039 in depreciation was deducted in 2019. You can verify by looking at your 2019 tax return and Form 4562 will show the amount of either Section 179 depreciation (line 7 or 12) or Special Depreciation (Page 2, Part V, Line 25) that was claimed for your vehicle. The program believes the asset was 100% depreciated with accelerated depreciation available last year.
If there is still basis (value) for this vehicle that can be depreciated, you may need to add a second asset in the 2020 program and with the remaining basis and depreciate it using regular MACRS..
March 8, 2021
12:59 PM