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New Member
posted Mar 6, 2021 8:43:46 AM

I want S/L HY depreciation. I am looking for "choose intangibles" to get that but can't find it. How do I get straight line depreciation for my auto

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3 Replies
Level 15
Mar 6, 2021 9:47:13 AM

If I remember correctly, the only way to do that with a vehicle is to "override" the vehicle worksheet to force it to use Straight-Line depreciation, and that can only be done if you are using the CD/downloaded version.  

 

As a side note, if you do override the worksheet, the program might not allow you to e-file, so you may need to file by mail.

Expert Alumni
Mar 6, 2021 11:05:43 AM

To enter an asset using straight-line depreciation, use these steps:

  • Navigate to the area of your tax return where you want to enter a depreciable asset
  • Click Add an Asset
  • On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
  • On the screen titled Tell Us a Little More, choose Other asset type then click Continue
  • On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
  • On the next screen, continue adding details regarding the asset and click Continue
  • Next, choose the appropriate asset class (class life) and click Continue
  • Depending on the date the asset was placed in service, there may be an additional screen asking for more information
  • Next, choose the Straight Line depreciation method, then click Continue
  • There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
  • Continue going through all screens until you get back to your summary screen showing your complete list of assets

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Level 15
Mar 6, 2021 12:15:39 PM

Colleen, the OP said it was an "auto".  Unless you REALLY know what you are doing, it is NOT a good idea to depreciate a vehicle under general assets (business percentage, listed property, luxury limits, etc.).