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New Member
posted Oct 13, 2022 11:42:59 PM

If I bought a used car end of 2020 and immediately started using it for business...would i do half year convention (MACRS) or mid-quarter convention? Car cost $58k

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2 Replies
Level 15
Oct 14, 2022 5:35:23 AM

Turbotax should automatically compute the proper depreciation and use the proper convention if you entered the info about it correctly. including the date placed into service. if your trying to do the 2020 return, online preparation is closed for 2020 you need  a desktop version

https://turbotax.intuit.com/personal-taxes/past-years-products 

 

Level 15
Oct 14, 2022 6:21:45 AM

If this was the ONLY asset placed in service for the year then MQ would be correct.