Balance Sheet - Special Depreciation - Less accumulated

[keaang]

Hi,

I bought a Dryer in 2023 for $581, and took special depreciation of $465. Depreciable Basis remaining is $116. When filling out the Schedule L (Balance Sheet) in Turbotax Business, do I add in the special depreciation of $465 that I took into the Less accumulated depreciation total along with the current year depreciation of $23 for that asset or do I leave the special depreciation of $465 off?

[ThomasM125]

You can do it either way. It would likely be easier to add the special depreciation to your accumulated depreciation as that would avoid having to reconcile that balance between your books and tax return.