AMT prior depreciation

[mjpra2010]

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

[ThomasM125]

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.

[mjpra2010]

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

[PatriciaV]

Yes, the AMT depreciation should be the same number.