topic Re: Asset Class in Self employed

Asset Class

jtaylor0217 — Tue, 31 Aug 2021 02:16:52 GMT

I am getting an error message on the Asset Worksheet regarding the asset code for my Residential Rental properties. The asset code I need is not in the drop down. I saw that this is a problem that occurred in a recent update. Does TurboTax have a timeframe on when the issue will be resolved?

Re: Asset Class

Anonymous_ — Tue, 31 Aug 2021 14:18:19 GMT

@jtaylor0217 wrote:

Does TurboTax have a timeframe on when the issue will be resolved?

The latest word is that they are shooting for the next update and updates are typically released on Thursdays (that would be 9/2/21).

Re: Asset Class

DoninGA — Tue, 31 Aug 2021 14:18:27 GMT

There should be a software update on Thursday, 09/02/2021, which may have a fix for this issue.

Re: Asset Class

bradalee — Thu, 03 Mar 2022 14:29:04 GMT

my asset is telling me the class is wrong. trying to get me to change the 5 year. this is the 3rd year to claim. never any problems before. it says "cancel override or delete entry in the asset class to restore calculated value."..

Re: Asset Class

PatriciaV — Thu, 03 Mar 2022 19:52:23 GMT

Please clarify what type of asset you have to depreciate. Is this for your business? Rental property? Vehicle? Home office deduction? What version of TurboTax are you using? Did you import last year's return? Are you following the interview or using Forms?

We ask these questions so we can give you an answer this is specific to your situation.

Re: Asset Class

DePro — Mon, 12 Feb 2024 02:24:55 GMT

Same problem. Can someone answer this? It was a small carryall trailer in my instance.

Re: Asset Class

MarilynG1 — Mon, 12 Feb 2024 04:13:52 GMT

Are you trying to add a Carryall Trailer as a Rental Asset?

If so, you could choose 'Tools, Machinery, Equipment, Furniture' as the Asset Category.

On the next screen, choose 'Trailers and Trailer Mounted Containers'.

The next screen asks for Cost and Date Purchased/Acquired, then whether you Purchased it New, and what % Used for Business.

Then you are given several choices on how you want to deduct the item (i.e., depreciate, 179, etc.)

On the final screen, you are given the 2023 Amount of Depreciation, plus details. This would be a 5-year depreciable item.

@DePro

Re: Asset Class

DePro — Mon, 12 Feb 2024 18:26:29 GMT

No, it's not a rental. It's an asset that has previously been fully depreciated but just sold. On the final check it says wrong asset class, but it's the same class that it has always been (machinery and equipment - 5 year). I think it is an error that occurred while transferring info from last year. The error will only go away when I change to another asset class (7 year), but don't think I should change that now after previously being depreciated in 5 year class.