Bought car in 4/2017; cost was $35,531; business use for 2018 is 68.76 Turbo Tax is showing an amount of $3919 for depreciation--how did Turbox calculate this?

[MarilynG]

If you Print/Preview/Download your return, look for the Vehicle Expense Worksheet to see the actual calculations.

Basically, it would be 68% of your Cost of $35,531, divided by five (depreciable years for vehicles). 

Here's more detailed info:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

Edited 4/1/19 2:30 pm

[taxqdep]

In  Turbo Tax for 2017, it states this is a 5 year depreciation--not 7.  Don't think I can change from 5 to 7--and Turbo Tax downloaded my info this year from last year's return!

[taxqdep]

My form 4562 for 2018 states 5 year recovery period--not 7

[SweetieJean]

5 years is correct.

[taxqdep]

The answer you gave is wrong.  Cars are depreciated 5 years, not 7.  The TT program has calculated my depreciation incorrectly and I called and waited an hour to talk to someone.  I have used TT for many years but will NEVER BUY YOUR PRODUCT AGAIN!!