AMT prior depreciation

Forum|Forum|4 years ago
April 4, 2022
3 replies
36 views

Hello,

I almost finished my 2021 tax. In the TTax final review, there are 4 areas that need to be fixed.

On car and trucks expenses worksheets, line 37 Prior depreciation and line 39 AMT prior depreciation fields are pink. I guess I need to fill them in. But what numbers should I put in? This vehicle was using standard deduction last year and I am using actual expense deduction this year.

Thanks,

Jenny

TurboTax Home & Biz Windows

ThomasM125

Level 15

You would have to calculate the depreciation figures. Since you used the mileage allowance in previous years, you would multiply your business miles in 2020 by $0.27. The mileage rate for 2019 is $0.26, 2017 & 2018 is $0.25, 2015 & 2016 is $0.24. You need to calculate the depreciation for each year and add them together to get the accumulated depreciation asked for . The AMT depreciation would be the same.

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mjpra2010Author

Level 2

Hi Thomas,

I started using this vehicle for business in Jan 2020, the miles for business is 5200, and 5200 * 0.27 = 1404. So I will enter 5200 for both Prior depreciation and AMT prior depreciation, is that correct?

Thanks,

Jenny