Form 4562 Depreciation and Amortization states large values? Do I need this? If yes, what should I enter? If not, how to delete?

[Irasaco]

As I have mentioned elsewhere in earlier threads that I have posted, I have two small side businesses: dog-sitting/walking/house-sitting and eBay sales (of items from our extended family). Last year these collectively made about $500. I only use my car mainly for the dog-/house-sitting business and not for the eBay business, which I can mail packages by placing them in my mailbox for the postal carrier to pick up, or I can drop them off at post offices on my way to and from jobsites.  But, for some reason, under the "ebay sales," Turbotax put in this deprecition/amortization with large million dollar values. How did these get there?  There are no such values listed under the  dog-/house-sitting side gig, even though that is the purpose for which I use my car.

Do I need a Form 4562? And how should I handle it.

My car is a 20-year old Ford, which I purchased used in 2018. It is still my daily driver for my main W-2 job.

Thanks.

Irasaco

[PatriciaV]

You may be able to resolve this by reviewing all entries for your eBay sales business, especially any assets you entered for depreciation. This may be easier to troubleshoot using Forms Mode in TurboTax for Desktop (access using F6 or Forms >> Open Form from the top menu).

Scroll down in the forms list to the Schedule C for eBay Sales. Under this form, look for Asset Entry worksheets for your assets. Also look for a Car & Truck Wks. 

Open a form by clicking on the form name. If you find an asset with either an incorrect purchase cost or excessive depreciation, you can manually change any number in blue but not a number in black. If you wish to remove the asset entirely, click the Delete Form button at the bottom of the form.

Unfortunately, you can't move an asset from one business to another (if that is the issue). In this case, you need to delete the asset from one business and re-enter it for the other. We always recommend going back to Step-by-Step to make entries so the information is reported correctly.

[AmeliesUncle]

If you are referring to lines 1 and 3 of Form 4562, don't worry about it, it shouldn't affect your tax return (although TurboTax seems to be doing it wrong and not reading the Instructions).