cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Should last year's future depreciation match this year's current depreciation?

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?  

1 Best answer

Accepted Solutions
Level 12

Should last year's future depreciation match this year's current depreciation?

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.

16 Replies
Level 7

Should last year's future depreciation match this year's current depreciation?

So if you did not transfer in the prior year data, you would have to enter the Asset, date placed in service, cost, prior depreciation taken--Did you do this?
Level 1

Should last year's future depreciation match this year's current depreciation?

Yes -  I entered all info; asset, date, cost, % of use, SDA, depreciable basis, life, method/convention and prior depreciation all match prior year.
Level 7

Should last year's future depreciation match this year's current depreciation?

Business use would be 100% that is why some are not allowed.
Level 1

Should last year's future depreciation match this year's current depreciation?

Business use is 100%.
Highlighted
Level 12

Should last year's future depreciation match this year's current depreciation?

You may consider deleting that asset and re-enter it.

If it still shows $0, it may help if you post all of the information about that asset here, as that MIGHT help us determine what is going on.
Level 1

Should last year's future depreciation match this year's current depreciation?

date - 6/19/17;  cost - 995; % of use - 100; SDA - 498; depreciable basis - 497; life - 5; method/convention  - 200DB/MQ; prior dep - 606.
Level 12

Should last year's future depreciation match this year's current depreciation?

Weird, everything seems correct to me.  Did you delete and re-enter the asset?

Have you checked the actual tax forms to see if it is showing up?  Sometime the screens within TurboTax show weird information.
Level 1

Should last year's future depreciation match this year's current depreciation?

Yes, I've deleted and re-entered and am still getting $0 for current depreciation.  Checked Form 4562 and deprecation reports, and all are short $155 on current depreciation.
Level 7

Should last year's future depreciation match this year's current depreciation?

Instead of an override see if you can add $155 to basis on life of one year, until I can figure out what happened.  

Can you send a pdf of just this asset and no Privacy information on it like your EIN or name I do not want to see
Level 1

Should last year's future depreciation match this year's current depreciation?

Uploaded the asset wks for that item.  Thanks for checking it out - any help is greatly appreciated - I'm pulling out my hair!
Level 7

Should last year's future depreciation match this year's current depreciation?

seems like is using state amount of $497 which would result in $0 depreciation.  But the question is why is it doing it on the Federal return

Level 7

Should last year's future depreciation match this year's current depreciation?

I'll keep looking
Level 12

Should last year's future depreciation match this year's current depreciation?

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.

Level 1

Should last year's future depreciation match this year's current depreciation?

THANK YOU!  I seriously think you just saved my sanity 🙂 The current depreciation amount is now $156 vs $155 on last year's future deprecation report - safe to assume the dollar difference won't matter or no?