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Level 2

Question

Asset Entry Smart Check Error

Forum|Forum|2 years ago
March 21, 2024
1 reply
18 views

Hello,

Smart Check is giving me 2 errors on my Asset Entry worksheet for a misc deduction. Lines 9k and 9l are blank. How should I fill these in? Note that lines 10 and 11 are 0.

Thanks!

Level 15

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

What type of Asset did you enter?

What sort of activity is this related to?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 2

It's a Misc Deduction. I bought it last year for $330 and have a 5% percentage of business on it. This is the second year for it. It's a computer type asset.

Line 45: MACR5

46: 5

47:200DB

48: HY

Hope this helps.

Level 15

If you bought an asset for business and claimed it as a Miscellaneous Deduction for $330 last year, you can't claim it again this year.

Maybe you claimed a 179 Expense Deduction or a Special Depreciation Allowance last year for $330, since you only have a 5% Business Use.

Check your Form 4562, Depreciation Report from last year (landscape form).

Since we can't see your return in this forum, that's the only to know how you claimed it last year.

The entries you have for lines 45-48 are standard for depreciation, but if you have no amount in Line 11, you have no depreciation for this year.

Here's more info on Depreciation of Business Assets.

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