The problem is that the program is entering zero for the Prior Depreciation, rather than leaving it blank.
If you are using the CD/downloaded version, you can go into the "Forms" mode (in the upper, right-hand corner). On the left-hand side, look for the "Asset wks", for the the roof. On Line 9 of that worksheet, delete the zero, and it should calculate correctly (it took me a couple of times until it would let me delete the zero).
Has it always been used 100% for a rental?
What did you enter for the "prior depreciation"?
Yes... it has always been used 100% for rental. I never entered anything for "prior depreciation" as I've always used TurboTax and it always picked up amounts from the prior year correctly. I checked 2015 TT Depreciation and Amortization and there is nothing in the prior depreciation column, just like 2016, but for 2015 it calculated depreciation correctly at $144. for 2016 it calculated 1204... Obviously I must have accidentally clicked something incorrectly, but what? Thanks!
Print out the "Depreciation and Amortization Worksheet" (it's the sideways looking spreadsheet). Is it showing $1204 for the "current depreciation? Tell me ALL of the numbers that it shows for the roof asset.
2016 Depreciation & Amortization Report
Description: Roof
Code: Blank
Date in Service: 10/1/91
Cost: $3,962
Land: 0
Bus Use: 100%
Sec 179: Blank
Special Depr Allow: Blank
Depreciable Basis: $3,962
Life: 27.5
Method/Convention: SL/MM
Prior Depr: Blank
Current Depr: $1,204
The 2015 Report is identical except the "Current Depreciation" was $144.
I just tested it and am getting the same result. I see what the problem is and will report it to the Moderators.
Are you using the CD/downloaded version? If so, I can tell you a work-around. Otherwise, you will need to wait until it is fixed.
I'm using the downloaded version of Home & Business. I can just plug in the correct number $144 if that's the work-around. Out of curiosity and without wanting too much detail, what is the problem?
Thanks for telling me it's a TT issue and I'm not losing my mind!
Thanks. As I figured, reducing the depreciation amount by correcting the TT issue has me paying a few hundred more in taxes, but what the heck, it's only money. Thanks again.
The problem is that the program is entering zero for the Prior Depreciation, rather than leaving it blank.
If you are using the CD/downloaded version, you can go into the "Forms" mode (in the upper, right-hand corner). On the left-hand side, look for the "Asset wks", for the the roof. On Line 9 of that worksheet, delete the zero, and it should calculate correctly (it took me a couple of times until it would let me delete the zero).