topic depreciation in Business & farm

depreciation

pwshelley1 — Mon, 17 Jun 2019 17:25:44 GMT

i would like to enter my own depreciation number. already calculated depreciation with my own schedule

Re: depreciation

Anonymous_ — Mon, 17 Jun 2019 17:55:09 GMT

@pwshelley1 wrote:
i would like to enter my own depreciation number. already calculated depreciation with my own schedule

You will not be able to enter the exact amount without using a desktop (CD/Download) version of TurboTax and doing an override on the Asset Entry Worksheet in Forms Mode (which would cause the program to throw an error and most likely require you to print and mail your return).

You can come pretty close by selecting "Other asset type" in Step-by-Step Mode and then selecting different combinations of asset classes and methods (which would be technically incorrect, though) but that would not likely match (exactly) the figure you have calculated.

Re: depreciation

Carl — Mon, 17 Jun 2019 20:59:04 GMT

How did you arrive at your own number? If you don't depreciate assets (Rental Property? Business Property? Some other kind of asset?) using the available IRS methods, you'll be literally screaming at the IRS to audit you.

By default, the TTX program uses the most common method for an asset. But if you want to use some other IRS method you can, by selecting the "Other Asset Type" and going from there. Note that if you do an over-ride two things will happen.

1) You will not be able to e-file your return. You'll have to print, sign and mail it to the IRS.

2) You will automatically invalidate the TurboTax 100% Accuracy Guarantee.