For 2020 taxes last year I entered amount $6,961 as laser printer for Depreciated cost. Turbo tax led me to believe that this will deduct portions of that each year as it has a useful life of X amount of years. Honestly, I don't understand this crap. So, in my mind I'm thinking that part of that cost would go on next year, which doesn't even seem like this expense affect last year or this year as far as benefitting me as an expense. I would have much rather just taken a onetime expense in that current year. But I did it as depreciated item.
This year it is asking me if I have unused expense from line 13 of 4562. Which I see zero. How can I verify that I got some sort of credit for this expense? It feels like I'm getting the shaft.
Thanks in advance for your help.
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You took the Section 179 expense and so took the entire amount in 2020. Part I is Section 179. Every line on Form 4562 that has the amount of $6169 refers to Section 179.
Additional info. This is how I entered it last year:
You took the Section 179 expense and so took the entire amount in 2020. Part I is Section 179. Every line on Form 4562 that has the amount of $6169 refers to Section 179.
Coleen,
Thank you. That helps. I was thinking it was depreciating over a number of years, so I was expecting to see some expense in this year, but now that you are telling me that then I think it makes more sense. Is there a way for me to see on the year I took the full benefit of deducting the amount how it reduced my taxable income?
Oh, I found where I can see it on Schedule C. Thank you for your help.
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