I did not see a line item for deprecation in Turbo Tax in the Depreciation and Expense section (where mileage, repairs, utility expenses, etc. are entered). I added the deprecation under miscellaneous and labeled it Deprecation. Is this correct?
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No, depreciation should not be entered in the miscellaneous expense section.
Depreciation is entered through the section described as Assets. This is where you enter any assets being depreciated so that the current year depreciation can be calculated and reported on the correct form.
Thanks. I did not see the asset section for Deprecation. Hopefully they can correct it when reviewed as I already submitted.
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