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You enter the adjustment as an "other expense" on the business schedule to which it pertains.
To delete the asset, you edit the business entry where the asset was entered, and look for "Business Assets" in the list of expenses and edit the menu choice "Assets being Depreciated." You will see a list of the assets for that business, with an option next to them to delete the asset.
You do need to enter a new asset. Input the cost, date purchased, date put into service and other questions asked. Select the proper asset type and TurboTax will calculate the correct accumulated depreciation.
You would have to add the adjustment if positive. To do so, add an "other" expense as a negative number.
In order to make adjustments to your prior years' depreciation, you have two options:
Hi,
Thanks for your reply.
So, once I have completed the 3115 form.
I will appreciate your help so much.
Hi,
Thanks for your reply.
So, once I have completed the 3115 form.
I will appreciate your help so much.
You enter the adjustment as an "other expense" on the business schedule to which it pertains.
To delete the asset, you edit the business entry where the asset was entered, and look for "Business Assets" in the list of expenses and edit the menu choice "Assets being Depreciated." You will see a list of the assets for that business, with an option next to them to delete the asset.
You do need to enter a new asset. Input the cost, date purchased, date put into service and other questions asked. Select the proper asset type and TurboTax will calculate the correct accumulated depreciation.
You would have to add the adjustment if positive. To do so, add an "other" expense as a negative number.
ThomasM125 thank you so much for your help on this matter. I am now clear on how to make the adjustment.
However, I still have the following questions:
1) I know that I need to switch from TTO to TTD. Will TTD allow me to E-file?
2) Can I just use TTO and send my Income Tax Return by regular mail including a copy of the 1135 Form?
3) Which process do you recommend to follow?
Thanks,
1) TurboTax will not let you e-file a Form 3115 in the download version.
2) You can just print your return and include a copy of the form.
3) Either way will work. I would recommend using the download version so it is included in your tax file.
If you started your 2019 return in TurboTax Online and want to switch to the TurboTax software, here's how.
In your reply to my question, you told me that (red:(
"You do need to enter a new asset. Input the cost, date purchased, date put into service and other questions asked. Select the proper asset type and TurboTax will calculate the correct accumulated depreciation."
BUT, when I enter the new asset in TT it looks like TT is not calculating accumulated depreciation for 2017-2018-2019 but only for 2019. What am I doing wrong?
I will appreciate your help so much.
When you entered the date purchased, did you use the correct 2017 date of purchase and 2017 date put into service?
And not 2019 dates?
Yes, I entered the correct 2017 date of purchase and 2017 date put into service? NOT 2019.
Yes, I entered the correct 2017 date of purchase and 2017 date put into service? NOT 2019.
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