Depreciation Expense

[Pink1222]

First time using Turbox tax. Last year 2022 I had depreciable assets. Where should I enter the depreciation expense for current year 2023 in turbo tax. 

[ThomasM125]

You will see a section for Business Assets on your business summary page entitled Your (name of company) Business. You will see this after you enter the basic information about your business such as type of business, when you started it, accounting method used, etc... You should enter your asset information there. If you enter the correct cost and date the asset was put into service in the business, along with information on any bonus or section 179 elections made,  and the correct asset category, the current year depreciation will be calculated.

[Pink1222]

I didn't see the asset portion in the business info. The business type is single member LLC. I am using Schedule C. The tax details I can see on turbox tax live premium is Tax code and method of accounting. On the other situations there is Assets on a reservation or in a disaster area.

The assets I saw on the expenses but assets purchased on 2023. Greatly appreciate your help.

[PatriciaV]

Here are the steps to access the Asset entry section for Schedule C:

1. Open your return and choose to work on income.
2. Click Edit/Add to the right of "Self-employment income and expenses."
3. Click Edit under the name of your business.
4. If you don't see "Assets" in the list of expenses, click the box for "Add Expenses".
5. Check the box for Assets and Continue.
6. Click Start/Edit to the right of "Assets."
7. Follow the entry screens to enter the depreciable assets you purchased this year.

If you have already entered an asset, click "+Add and Asset" below the list of assets.

Note that you can choose to report assets under $2,500 as expenses instead of depreciating. If you chose this option, you would NOT enter the assets under the Assets section. Answer "yes" to the question about buying items that cost less than $2,500. Then return to the list of expenses and add those purchases under the type of expense.

Since you paid for the Live version of TurboTax, you may wish to connect with a Live Tax Expert to walk you through any entries where you need help. See How do I connect with a Tax Expert in TurboTax Live?

@Pink1222