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

[jlemchick]

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?  

[MichaelL1]

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?

[jlemchick]

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

[MichaelL1]

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

[jlemchick]

Business use is 100%.

[TaxGuyBill]

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.

[jlemchick]

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

[TaxGuyBill]

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.

[jlemchick]

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.

[MichaelL1]

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

[jlemchick]

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

[MichaelL1]

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

[MichaelL1]

I'll keep looking

[TaxGuyBill · Accepted solution]

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.

[jlemchick]

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?