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Business & farm
Thank you for your response. I think I figured it out. Turbotax incorrectly filled out line 10 of Asset entry. The amount it filled out was over $200,000 but the business basis is only $85,000. It was as if Turbotax ignored that that the business basis is only 25% of the total value. There is a note assoicated with Line 10 Prior Depreciation that says, if blank, prior depreciation from Asset Life History is used. That's exactly what I want! So all I had to do was blank out the erronious value populated by TurboTax. I do believe this is some sort of bug.
March 30, 2022
11:06 AM