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New Member
posted Jun 6, 2019 12:15:30 AM

Where is "Retirement and Investments" or "Assets and Depreciation", both referred to in this section to depreciate a computer used for investments? I cannot find them.

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1 Best answer
Expert Alumni
Jun 6, 2019 12:15:31 AM

Under the new tax law, investment expenses aren't deductible on your federal return, but some states still allow you to deduct them on your state return. We'll figure out if these expenses can affect your state return and do the calculations for you.

You can enter your computer as an investment expense under Deductions & Credits and scrolling down to "Other Investment Expenses". On the next screen select "Enter my Expenses. On the next screen select "Continue".  Answer "yes" when the next screen asks "Any Investment Equipment".  You'll be able to enter your information there.

See the screenshots below.

2 Replies
Expert Alumni
Jun 6, 2019 12:15:31 AM

Under the new tax law, investment expenses aren't deductible on your federal return, but some states still allow you to deduct them on your state return. We'll figure out if these expenses can affect your state return and do the calculations for you.

You can enter your computer as an investment expense under Deductions & Credits and scrolling down to "Other Investment Expenses". On the next screen select "Enter my Expenses. On the next screen select "Continue".  Answer "yes" when the next screen asks "Any Investment Equipment".  You'll be able to enter your information there.

See the screenshots below.

New Member
Jun 6, 2019 12:15:33 AM

I do not have "Other Investment Expenses" on my instance of TT online.  I only have "Other Deductible Expenses" followed by "generation-skipping taxes", followed by "less common expenses" with no provision to enter the information needed to generate Form 4562.  Bummer!