Sadly, my tax preparer passed away a month ago. I am pretty familiar with tax forms and feel I can complete this using the turbotax business/self employment software. The area I am most concerned is areas of depreciation for property use for our 2 very small businesses (sole proprietor) I am completing Sched C for both businesses and also the Sched E for our one rental property. The sched E consistently shows a $1818 depreciation expense even going back to 2004. we have had the rental since 1997.
The only item showing on the 4562 sched is the last year credit for an auto put in place in 2012.
Any assistance would be helpful!
Thanks Kathy (Deleted)
Many times someone else comes in and buys the practice. If there is anyway you can get the detailed depreciation from the estate or new preparer it would save you a lot of time.
If that is not possible you will have to reconstruct it, the best you can.
In 1997 Residential real property had a 27 1/2 year life. So $1,818 a year would be $49,995 for a building (excluding the land).
This link it is the 1997 depreciation guide from IRS.
https://www.irs.gov/pub/irs-prior/p946--1997.pdf
You would enter the Asset in TurboTax as acquired in 1997 and the cost, and accumulated depreciation taken.
Many times someone else comes in and buys the practice. If there is anyway you can get the detailed depreciation from the estate or new preparer it would save you a lot of time.
If that is not possible you will have to reconstruct it, the best you can.
In 1997 Residential real property had a 27 1/2 year life. So $1,818 a year would be $49,995 for a building (excluding the land).
This link it is the 1997 depreciation guide from IRS.
https://www.irs.gov/pub/irs-prior/p946--1997.pdf
You would enter the Asset in TurboTax as acquired in 1997 and the cost, and accumulated depreciation taken.
On the schedule E asset worksheet number nine I put down prior deduction of 33,569 which gave me a depreciation deduction of $1817 - does this sound about right ?