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If you used TurboTax last year, the total AMT depreciation taken on the property appears on the Alternative Minimum Tax Depreciation Report that is included with your complete tax return. The amount to enter is the total of current and prior depreciation shown on this worksheet. You need only the report from last year, as the prior depreciation number is cumulative over the life of the rental asset. See screenshot below.
Most other tax services provide a similar report. If you didn't use TurboTax, you may need to request this report from the service you used last year.
I have been using Turbo Tax desktop for years. I have sold a vehicle that was using mileage and now when I am trying to complete the tax form I keep getting an error on depreciation. I have checked Form 4562 and the car is listed but there is no prior or current depreciation shown. What do you suggest? The car was purchased in 2004, put into business use in 2013, and sold in 2021.
Follow the instructions above to obtain the accumulated depreciation from your prior year return. Then review your entries for the vehicle and confirm the prior depreciation amount on the page "How much depreciation have you already taken on your XXXX?" Continue through the interview to report the sale.
Since you used the vehicle for over five years, it should be fully depreciated. This means that total depreciation should be equal to the purchase price.
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