Manually change depreciation

Forum|Forum|3 years ago
February 28, 2023
4 replies
42 views

How do I change the depreciation calculation? I sold an asset in December 2021. I forgot to remove it as an asset last year so instead I'll report it as disposed of 1/1/22. Turbo Tax is calculating 1/2 year depreciation. I want this to be zero.

ThomasM125

Level 15

You can delete the asset entry worksheet by following these steps:

Click on Tax Tools in the left menu bar
Click on Tools
Look under Other Helpful Links and choose Delete a form

Find the Asset Entry Wks in the list and click on the delete icon to remove it.

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user33Author

Level 2

That created a new problem. When I deleted the asset worksheet, the 'date in service' changed for the remaining assets!

ThomasM125

Level 15

You were correct to remove the asset since you no longer have it. I don't know why that would have affected the other assets but you can correct them.

First you have to visit your business entries in TurboTax. So, update your Business Income and Expenses and edit the company you are working on. Then find the Business Asset menu option and edit Assets being depreciated. Choose the asset you want to edit. Work through that section until you find the screen that says Tell us More About This Asset/Large Purchase. You will see an option to enter the date you first started using the asset for business: