Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Mar 25, 2024 11:37:05 AM

Prior accumulated depreciation not carrying over to current year on CA form 3885. Current year depreciation is too high.

Help!  The prior years accumulated depreciation is not carrying over to this year's 2023 CA form 3885.  Because it is not carrying over, the current year depreciation expense is overstated for CA purposes.  This is occurring in a few of the assets listed, not all of them.  There is no way to adjust the prior year accumulated depreciation for CA.

 

If I go to the asset, and input the correct prior accumulate depreciation, it also shows up on the Fed form 4562.

Thanks!

0 575
0 Replies