While going thru my CA state tax return, TurboTax asked me to enter Prior Year Depreciation for a fence that was placed in service in 2022. I don't know much about depreciation but I looked at my Depreciation & Amortization Report form 3885A for 2023 and the fence shows $114 in the Current Depreciation column and blank in the Prior Depreciation column. I also looked at my form 3885A for 2022 when the fence was first placed in service and see $60 in the Current Depreciation column and blank in the Prior Depreciation column. What should I enter as my Prior Year Depreciation? The $114 amount, $60 amount, or the sum of the two $174. Will I need to do this exercise every year when I prepare my taxes (like sum up the depreciation for all prior years)? Also, what do I enter for AMT Prior Year Depreciation? By the way the Depreciable Basis is $1,200 with Life of 15 yrs and 150DB/HY method in case that info helps. Appreciate any help and guidance on this.
