How do I enter equipment acquired in 2016 as an asset with no depreciation on the balance sheet in Turbo-Tax. This equipment won't be placed in service until 2017?

[meyerbrent]

How do I enter equipment acquired in 2016 as an asset with no depreciation on the balance sheet in Turbo-Tax. This equipment won't be placed in service until 2017?

[Cattlerancher · Accepted solution]

You don't begin depreciation on an asset until the asset is placed into service of the business-----so just retain your purchase records and enter the asset in 2017.

[meyerbrent]

Thanks!

[Cattlerancher]

You are welcome-----