topic Whenever I put my car as an asset, it shows $0 for depreciation. Why? in Deductions & credits

Whenever I put my car as an asset, it shows $0 for depreciation. Why?

maddiebabb3 — Wed, 29 Jan 2020 07:07:00 GMT

Re: Whenever I put my car as an asset, it shows $0 for depreciation. Why?

ThomasM125 — Fri, 31 Jan 2020 00:18:12 GMT

You may have indicated in TurboTax that you are claiming the standard mileage deduction, in which case you would not be allowed a deduction for depreciation. Also, you may have taken bonus or section 179 depreciation in the previous year which might preclude you from depreciating the vehicle in the current year.

Re: Whenever I put my car as an asset, it shows $0 for depreciation. Why?

cleiva — Sun, 09 Feb 2020 22:47:03 GMT

This is not by case.

I believe it's because the car has lived past the 5 year recovery period, but under IRS instructions it should still have a depreciation deduction with a max of $1,775.

This worked fine in the 2018 turbotax.

Re: Whenever I put my car as an asset, it shows $0 for depreciation. Why?

VictorW9 — Sun, 09 Feb 2020 23:00:43 GMT

Check your entries. Make sure you enter the percent of business use of the vehicle, the cost basis, the correct date of purchase, the prior year depreciation if any. In short, go back and double-check your entries.