I do know the definition of car depreciation but I do not know what I need to fill in nor where I can find that information. I'm stuck in the federal review section because of this and I cannot move on. Can I just put in 0 and would it be fine?
I have the same question. Too bad Turbo Tax does not automatically open a help window telling us how to find the answer. I hope I got it right. I went to last year's complete Fed tax forms, and towards the back I found Form 4562, This form is several pages long. Find the "Depreciation and Amortization Report", go to the line listing the item of interest, e.g. model xxx car, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Next find the "AMT Depreciation Report" (also part of Form 4562), go to the line listing the item of interest, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Again I'm not sure why Turbo Tax does not AUTOMATICALLY extract those 2 numbers from the previous year and populate the applicable boxes for the current year. So much more convenient!!
I have the same question. Too bad Turbo Tax does not automatically open a help window telling us how to find the answer. I hope I got it right. I went to last year's complete Fed tax forms, and towards the back I found Form 4562, This form is several pages long. Find the "Depreciation and Amortization Report", go to the line listing the item of interest, e.g. model xxx car, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Next find the "AMT Depreciation Report" (also part of Form 4562), go to the line listing the item of interest, go to the corresponding column next to last titled "Prior Depreciation", and enter that number. Again I'm not sure why Turbo Tax does not AUTOMATICALLY extract those 2 numbers from the previous year and populate the applicable boxes for the current year. So much more convenient!!
If this vehicle was reported on a prior tax return and you cannot find the AMT Depreciation Report from your prior tax return, enter the same amount for both Regular and AMT depreciation. In most cases, this will overstate your AMT depreciation, but is closer to actual than entering zero.
If this is the first year you have reported this vehicle, return to the section where you entered the vehicle information and review your entries. TurboTax should calculate AMT depreciation along with regular depreciation when you complete that section.
Hi friends I hope you can help me.
It was bought in 2019
1) Truck : 2019 Ford F-150
2) Date of purchase : 01-01-2019
3) Purchase value : $18,000
4) Condition : Used from dealer
5) Payments : $378.00
6) Interests : $230.00
Tax Return 2019
Part II Expenses. Enter .......
Line 13 : Depreciation and section 179 expenses deduction ...... $5,017.00
Depreciation and Amortization Report
Prior Depreciation column : 0.0
Current Depreciation column : 0.0
Tax Return 2020
How should the truck to be depreciated for this year
Prior Depreciation : $XXX.XX (?)
Prior AMT : $XXX.XX (?)