topic How to enter large purchase for my business to be depreciated and avoid current info "Depreciation and Amortization Under Construction"? in Get your taxes done using TurboTax

How to enter large purchase for my business to be depreciated and avoid current info "Depreciation and Amortization Under Construction"?

BZ011 — Thu, 25 Jun 2020 19:22:45 GMT

I have Home& Business edition and I can not enter expensive items, PC, printers, etc. to be depreciated. SW also fails to import last year Premier TurboTax Return?

Re: How to enter large purchase for my business to be depreciated and avoid current info "Depreciation and Amortization Under Construction"?

VolvoGirl — Thu, 25 Jun 2020 19:30:10 GMT

Every section has been ready for awhile now. You probably need to update the program. Are you on windows or mac? Go up to Online - Check for updates. Maybe close and reopen the program. If you have Windows you can try the manual update, https://ttlc.intuit.com/community/updating/help/manually-update-turbotax-for-windows-software-basic-deluxe-premier-home-business/00/26041

It should have transferred from 2018. You can transfer from any version to any version. Do you have the 2018 return on your computer? The 2018 return ends in .tax2018 and should be in your Documents then in a Turbo Tax folder. If you want to try to transfer again you have to start a new return, go to FILE - NEW.

Re: How to enter large purchase for my business to be depreciated and avoid current info "Depreciation and Amortization Under Construction"?

IreneneedsHELP — Sat, 01 Apr 2023 17:52:20 GMT

I purchased a 20000 piano for my music studio that I need to enter in long term depreciation.

Where can I enter this amount for 20 years of depreciation (or amount of time suggested by program)

Re: How to enter large purchase for my business to be depreciated and avoid current info "Depreci...

AliciaP1 — Sat, 01 Apr 2023 19:15:41 GMT

It depends on which version of TurboTax you are using.

To do this in TurboTax Online you can follow these steps:

Within your tax return use the magnifying glass icon to search for Schedule C
Click the Jump to link
Click Edit or Review for the line of work the asset is under
Scroll to and click Start for Assets

@IreneneedsHELP