No idea why it's not importing just that one single asset then. But here's what you can do, with details on how to "get it right" with a manual entry. You'll use the data for that asset from the 2019 form 4562. I'm "going into detail" here on stuff you probably are already aware of. But hey, even experienced airline pilots use a checklist "every" "single" "time" they fly.
Do this will create an "assumed" depreciation history. Generally that history will be spot on. But if it's off by a few bucks that's really no big deal. $1 to $5 off makes absolutely no difference what-so-ever in the tax liability. Not a single penny.
In TTX 2020 enter the asset manually.
- The "describe this asset" enter it exactly as shown on the 2019 form 4562 in the Asset Description column.
- For "cost" add together the amounts on the 2019 form 4562 in the "cost (net of land)" and "land" columns. The total is entered in TTX 2020 in the "cost" box.
- Enter the amount in the 2019 form 4562 "land" box in TTX 2020 in the "cost of land" box.
- Date Purchased or Acquired should be the same as *OR* before what's in the "Date in Service" column.
Next screen.
- Select "purchased new" and select "used 100% for business" (I assume this is true)
-For date you first started using it in the business, this should match the date in the "date in service" column of the 2019 Form 4562.
Next screen.
Here you see displayed the total amount of depreciation taken on this specific asset "before" 2020. To confirm this is correct, on the 2019 from 4562 add together the amounts in the "Prior Depreciation" column and the "current depreciation" column. That is the total of all depreciation taken "before" 2020. If it's off by a few bucks (less than $5) that's okay. You can change it to match exactly if you want.
Next screen
Here's you'll see the depreciation for 2020. Select the "more details" option to check all the detailed information against the 2019 form 4562 to make sure you've got the right MACRS convention and depreciation method.
