I'm using TT to complete the taxes for my small business this year using a copy of last year's return that was completed by an accountant. The depreciation report from last year lists the future depreciation for one asset as $155 however the amount for current depreciation now calculated in TT for the same asset is $0. All other assets tie in from last year to this year except this one. I've triple checked all amounts/methods/conventions, etc entered for this asset and they match last year. Should I manually enter/override or can they be different?
You'll need to sign in or create an account to connect with an expert.
Your asset entry worksheet shows you paid $998 for the asset, and that you have already taken $1104 of depreciation ($498 Special Depreciation Allowance plus $606 of regular depreciation).
So you need to change the "prior depreciation" to only the amount of regular depreciation taken (don't include the Special Depreciation Allowance that was taken), which looks like $108 in your case.
Your asset entry worksheet shows you paid $998 for the asset, and that you have already taken $1104 of depreciation ($498 Special Depreciation Allowance plus $606 of regular depreciation).
So you need to change the "prior depreciation" to only the amount of regular depreciation taken (don't include the Special Depreciation Allowance that was taken), which looks like $108 in your case.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Irasaco
Level 2
yss225
New Member
7ad486b00aa6
New Member
jisles62
New Member
gvl2024
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.