How do I override my business vehicle depreciation basis in turbo tax? My CPA took a special depreciation allowance the first year my vehicle was placed in service in 2012. Turbo tax did not ask for prior year special depreciation allowance amount. So the current depreciation basis is overstated by that amount.
You'll need to sign in or create an account to connect with an expert.
If the vehicle was new in 2012 and you used actual vehicle expenses, you should be able to check the box, "I purchased this vehicle new" and receive the 50% Special Depreciation Allowance. This should make your vehicle depreciation match with what the CPA did.
Please see the page snip below;
If the vehicle was new in 2012 and you used actual vehicle expenses, you should be able to check the box, "I purchased this vehicle new" and receive the 50% Special Depreciation Allowance. This should make your vehicle depreciation match with what the CPA did.
Please see the page snip below;
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Digger109
Level 2
Audio82
New Member
owlcreekla
Level 1
Lolajean123
New Member
mageshcmouli
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.