topic I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find it. How do I get straight line depreciation for my auto in Deductions & credits

I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find it. How do I get straight line depreciation for my auto

laposata-yahoo-c — Sat, 06 Mar 2021 16:43:46 GMT

Re: I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find it. How do I get straight line depreciation for my auto

AmeliesUncle — Sat, 06 Mar 2021 17:47:13 GMT

If I remember correctly, the only way to do that with a vehicle is to "override" the vehicle worksheet to force it to use Straight-Line depreciation, and that can only be done if you are using the CD/downloaded version.

As a side note, if you do override the worksheet, the program might not allow you to e-file, so you may need to file by mail.

Re: I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find ...

ColeenD3 — Sat, 06 Mar 2021 19:05:43 GMT

To enter an asset using straight-line depreciation, use these steps:

Navigate to the area of your tax return where you want to enter a depreciable asset
Click Add an Asset
On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
On the screen titled Tell Us a Little More, choose Other asset type then click Continue
On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
On the next screen, continue adding details regarding the asset and click Continue
Next, choose the appropriate asset class (class life) and click Continue
Depending on the date the asset was placed in service, there may be an additional screen asking for more information
Next, choose the Straight Line depreciation method, then click Continue
There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
Continue going through all screens until you get back to your summary screen showing your complete list of assets

Re: I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find ...

AmeliesUncle — Sat, 06 Mar 2021 20:15:39 GMT

Colleen, the OP said it was an "auto". Unless you REALLY know what you are doing, it is NOT a good idea to depreciate a vehicle under general assets (business percentage, listed property, luxury limits, etc.).