turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

abc1979nc
New Member

My business vehicles have been long depreciated out (placed in service 10 yrs ago), but TurboTax keeps calculating a deduction based on vehicle basis. How can I fix this?

1st time user of Turbo Tax Home and Business. Prior depreciation and amortization amounts didn't import (if they were supposed to).

The problem I'm having is that TT keeps applying a deduction when I enter the vehicle basis (cost). Even with the year as placed in service of over 10 years ago, it is still trying to 179 the original cost. The vehicles have all been depreciated, and even in the first year. I can't get past this part of the process because it won't accept zero or no input, and won't stop trying to apply deductions.

Also, I see no way to bypass these steps, which you could essentially do by simply filling out the IRS 4562...which seems so much easier at this point.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
SueT
New Member

My business vehicles have been long depreciated out (placed in service 10 yrs ago), but TurboTax keeps calculating a deduction based on vehicle basis. How can I fix this?

If you're entering actual expenses in TurboTax it will ask you to enter the cost of the vehicle when you purchased it, and it should ask you questions about prior depreciation you've taken. When you enter all the depreciation you've taken in the past (all of the prior depreciation should be shown on last year's tax return) TurboTax will be able to see that the vehicle is fully depreciated and not calculate a depreciation deduction this year. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies