3655405
This is a vehicle that is currently in use. So, do I add up all the depreciation from prior years to this year's depreciation or is there another way that I need to calculate what to enter here. Turbotax is asking me as part of checking the forms at the end of the process.
You'll need to sign in or create an account to connect with an expert.
What is the exact error message you are receiving from Smart Check? Some depreciation issues are more difficult to resolve than simply entering a number.
The message that was displayed during the review of the return was something like (as best I recall): 'Sch C Wrks. Enter Prior Depreciation'. There wasn't any detail or description there so I was at a loss. The IRS instructions do not give any descriptions on it either.
I should say that I saw a post from earlier this year from someone asking about what to do when they were removing a vehicle from service. I'm not doing that so it wasn't clear to me if the advice given to them was applicable. So, to be clear: how do I calculate the "Prior Depreciation" that this is asking for? Do I need to fill out a Depreciation Worksheet by hand, and if so do I add up all the depreciations from the years since I place the vehicle into service up through 2023? Any suggestions would be appreciated.
Yes, you can enter the prior depreciation that was reported last year. If you used TurboTax last year, look for the Car & Truck Worksheet. The number you need is on Part VI Line 38. You can also use the Depreciation and Amortization Report from last year. Total prior depreciation would be the sum of prior and current depreciation on this report.
See these instructions to obtain these forms: How do I get a PDF of my return?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jack
New Member
melillojf65
New Member
gtchen66
Level 2
johntheretiree
Level 2
iqayyum68
New Member