Asset worksheet depreciation

[cobbhillfrozenyo]

My piece of equipment has been depreciated for 3 years now. I have a depreciation schedule. I think I need a different form, not the Asset entry worksheet.

[MichaelMc]

Once created for each individual asset, the asset entry worksheets will carry forward in TurboTax from year to year until you dispose of the asset. Generally, you should not have to interact with these worksheets during the life of the asset. They work in background, providing TurboTax with the data needed to calculate your annual depreciation expense.

When you purchase a new asset, a worksheet needs to be created for it, either through the EasyStep interview or directly in forms mode. Forms mode is only recommended for users who know their way around the tax forms with a high level of expertise.

Your question did not state what specific task you are trying to accomplish that causes you to think you need a different form, only that you have an asset that has been depreciated for three years. If you are disposing of this asset, the disposition information would indeed be entered on the worksheet, to complete Form 4797, and determine gain (loss) on the business asset.

[upione]

I lost all of my past tax info so starting over for 2019.  I have a schedule E for a vacation home and need to know how to enter assets such as the condo itself, major items, etc.  I have the data of when acquired, values, etc.

[DaveF1006]

To enter your depreciable assets in Turbo Tax, you will:

1) Select the federal tab, then go to wages and income.

2) Scroll to Rentals, Royalties and Farms click on the drop down that says show more

3) Select Rental Properties and Royalties (Sch E) Select start

4) Then you will go through a series of questions regarding your rental property.

5) Once these questions are answered, Turbo Tax will take you to a Rental Summary Screen

6) From this screen, select Assets/Depreciation >select start

7) Select yes when the program asks you if you have assets for this property that can be depreciated

😎 I would start with entering information about the rental unit itself. Once you complete this, the program will take you to an asset summary screen. Here is where you can add additional assets such as appliances, carpeting, etc.