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dirtroad
Returning Member

Depreciation not calculating when entering "Other asset types"

I'm attempting to set up depreciation for a farm building in Turbotax Desktop.  I have selected "other asset type", then put in the description, cost, and purchase date of 2/12/2024.  I selected 100% business use and entered 8/1/2024 as the date I started using it.  I selected 20 year asset class with 150% DB depreciation method.  It is not listed property.

 

When I select "ill spread the deduction over several years" and click the continue button, my 2024 expense is zero.  Why is it not calculating depreciation?

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2 Replies
AnnetteB6
Employee Tax Expert

Depreciation not calculating when entering "Other asset types"

Based on the information you shared, I tested this input and there was a question asking how many years of recovery period that had to be entered or the calculation came out to be zero.  Please review your entries and make sure that the recovery period is entered as well.

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dirtroad
Returning Member

Depreciation not calculating when entering "Other asset types"

I deleted the asset, started over entering it, and had the same problem.  I never got a question to specify recovery period.   

 

I was able to work around it by opening the worksheet form and entering it manually.  

 

Thanks for pointing me in the right direction, but it sure seems like there is a bug in my installation that prevents functionality in this point.

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