The program will calculate and add depreciation expense, but you have to first create an asset and enter all the related information. If you have a rental property that you need to report depreciation for, you must set up the rental asset in the rental property section. If you have business assets that need to be depreciated (like a vehicle or machinery) you will add that in the section for you business.
If the depreciation is related to a business your are reporting on Schedule C -Self-Employment Income, to add the asset(s):
- From the Tax Home
- Select "Wages & Income"
- Click on Add/Edit next to "Self-Employment income and expenses
- On your self-employed work summary page, select Edit
- At the top of the Expense Category will be Assets, click on the pencil icon
The program will guide you through adding your assets, and it will then calculate and report your depreciation expense on your tax return.
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