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DonC5
New Member

Depreciation expense for assets disposed at end of tax year.

I expensed depreciation for the full year of 2021 based on depreciation schedules provided by TurboTax.  I ended the partnership at the end of 2021 and disposed of those assets.  TurboTax only allowed depreciation from the prior year depreciation and recalculated the allowable depreciation for 2021 at a different rate then previous schedules.  What gives?

 

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2 Replies

Depreciation expense for assets disposed at end of tax year.

if you acquire and dispose of an asset in the same year no depreciation is allowed.

DonC5
New Member

Depreciation expense for assets disposed at end of tax year.

The assets were not acquired in the same year but were in the 4th year and already had 3 years of previous deductions.  Thank you for your quick response. 

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