Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
maddiebabb3
New Member

Whenever I put my car as an asset, it shows $0 for depreciation. Why?

 
3 Replies
ThomasM125
Expert Alumni

Whenever I put my car as an asset, it shows $0 for depreciation. Why?

You may have indicated in TurboTax that you are claiming the standard mileage deduction, in which case you would not be allowed a deduction for depreciation. Also, you may have taken bonus or section 179 depreciation in the previous year which might preclude you from depreciating the vehicle in the current year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
cleiva
New Member

Whenever I put my car as an asset, it shows $0 for depreciation. Why?

This is not by case.

I believe it's because the car has lived past the 5 year recovery period, but under IRS instructions it should still have a depreciation deduction with a max of $1,775.

This worked fine in the 2018 turbotax.

VictorW9
Expert Alumni

Whenever I put my car as an asset, it shows $0 for depreciation. Why?

Check your entries. Make sure you enter the percent of business use of the vehicle, the cost basis, the correct date of purchase, the prior year depreciation if any. In short, go back and double-check your entries.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v