Depreciation not carrying foward correctly from 2023 to 2024 in TurboTax Business

[Peter312]

I have a company that bought a Tesla Model Y in November, 2023.  In TurboTax Business 2023 I took the special depreciation of $20,200 with the rest to be depreciated over 5 years.  Under the Asset Entry Worksheet there is a button to Quick Zoon to the Asset Life History.  The 5 year depreciation schedule there looks correct.

After importing the company's 2023 TT file into TT Business 2024, the Asset Life History has changed to a very different looking depreciation schedule stretched out over 8 years.  The asset's details and depreciation method look exactly the same in 2023 and 2024.  It still says it's a 5 year depreciation in both 2023 and 2024.  I have talked to TT Business support and they don't have an answer as to why this is happening.

Just wondering if anyone else has seen this problem.  And is there a solution.

Thanks

[BrittanyS]

I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:

TurboTax Online:

1. Sign into your online account.
2. Locate the Tax Tools on the left-hand side of the screen.
3. A drop-down will appear. Select Tools
4. On the pop-up screen, click on “Share my file with agent.”
5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
6. Please provide the Token Number that was generated in the response.

TurboTax Desktop/Download Versions:

1. Open your return.
2. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent” *
3. This will generate a message that a diagnostic copy will be created.  Click on OK and the tax file will be sanitized and transmitted to us.
4. Please provide the Token Number (including the dash) that was generated in the response.

*(If using a MAC, go to the menu at the top of the screen, select Help, then, “Send Tax File to Agent”)

[Peter312]

Hi Brittany,

Thanks for replying and looking into this.  I've sent you a 'sanitized' copy of my TT Business 2024 file as requested.  The Token number is [phone number removed]5755 as you can see below.

You are also going to want a 'sanitized' copy of my TT Business 2023 file so you can see the original and correct depreciation schedule that did not transfer to the TT 2024.  That Token number is [phone number removed]8552 as you can see below.

The Asset Life History that TTB 2023 gave me for the ReMY asset is below.  This is correct.  And also below is the Asset Life History from TTB 2024 for the same ReMY asset after importing the 2023 return into 2024 that completely different like this.

I've tried all sorts of things to make this work but, alas, nothing has worked.  If you can solve this for me, I will be your TT BFF.  Otherwise I see a lot of overriding in my next 6 TT years...  🙂

Peter Fay
[phone number removed] (if you need more info - call anytime)

[mesquitebean]

@ Peter312  This is a public Internet forum.   You should not post personal info in this public forum.   You can remove your name and phone number by going back to the comment above and clicking the tiny blue 3-dot icon just to the right of your comment.   It looks like the forum privacy filter at least intercepted the phone number.  Also there is some personal info on a couple of your images that you may not want shown.  You would have to either redact or crop the image to remove it.

I'll notify @ BrittanyS that you have provided her sanitized files and the token numbers.  Part of the number was redacted by the forum filter in the comments, but I see the full numbers are provided to her on a couple of images.

[Peter312]

Thanks for the advice.  I didn't see any other way to send Brittany the info she wanted.  I've cleaned it up.

Peter

[mesquitebean]

---

@Peter312 wrote:

Thanks for the advice.  I didn't see any other way to send Brittany the info she wanted.  I've cleaned it up.

@BrittanyS  will at least need the token numbers to view your sanitized files.   At this point neither of them are showing; the filter removed parts of them in your comment above.  People post tokens in the forum all the time.  You don't need to make an image of the tokens.  You can post the token number in a comment in a creative way that doesn't look like it could be a phone number (or the sometimes overzealous filter will remove it).  You can try something like 1 2 3 4, etc, or 1...2...3...4...5, etc.   I see you removed the images, but if you feel you need to post images of your Asset Life History, you should crop or black out any personal info such as name, tax ID number, etc., but you may just want to wait and see if she asks for it after she looks at your sanitized files.

[Peter312]

Got it.  I'll repost a cleaned up version now.

[Peter312]

Hi Brittany,

Thanks for replying and looking into this.  I've sent you a 'sanitized' copy of my TT Business 2024 file as requested.  The Token number is 5..2..0..5..3..5..5..6..-..3..5..5..5..5..7..5..5..

You are also going to want a 'sanitized' copy of my TT Business 2023 file so you can see the original and correct depreciation schedule that did not transfer to the TT 2024.  That Token number is 5..2..0..5..3..5..5..6..-..6..2..5..7..8..5..5..2

The Asset Life History that TTB 2023 gave me for the ReMY asset is below.  This is correct.  And also below is the Asset Life History from TTB 2024 for the same ReMY asset after importing the 2023 return into 2024 that completely different like this.

I've tried all sorts of things to make this work but, alas, nothing has worked.  If you can solve this for me, I will be your TT BFF.  Otherwise I see a lot of overriding in my next 6 TT years... 

[BrittanyS]

Thank you for providing the tokens.  I'm currently looking into what is going on with your return and why the depreciation is transferring over the way that it is.  Can you verify if you have deleted it and tried the transfer again?  Is it transferring incorrectly with multiple attempts?

@Peter312 

[Peter312]

Thanks for looking at the problem.  I have deleted and reentered the Asset in TTB 2023.  It looks the same.  And then imported that file to TTB 2024.  Same result.  I've tried to import the TTB 2023 file multiple times and it's always the same 'problem.'   Interestingly, after importing, if I delete the Asset in TTB 2024 and then reenter it in TB 2024 using the same 2023 purchase date, etc, and then look at the Asset Life History, it is messed up in that it's not a 5 year depreciation schedule just like when looking at the imported Asset Life History.  But it also has different yearly depreciation numbers compared to the imported schedule.  Maybe that can help you figure it out.  I've sent you that file under the Token number

5..2..0..5..3..5..5..6..-..0..9..3..7..2..7..1..9

I'll try anything else you want me to try.  Good luck. 

[PatriciaV]

We were able to confirm the experience that you reported and would like to investigate further.

Do you still have access to the 2023 TurboTax Business software and your prior year return? If so, please obtain the token for that return and post it here. As a reminder, open the return and go to Online in the black header. Click on Send Tax File to Agent and hit Send.

[Peter312]

I sent the Token for the 2023 TTB return earlier in this thread.  But I just did it again.  Thanks for you trying to fix this.  I look forward to what you can find out.

5..2..0..5..3..5..5..6..-..7..4..8..5..5..5..5..8

[Peter312]

Hello PatriciaV,

This morning I tried something different.  I just started with a brand new company file in TTB 2024, entered some basic info and some income, and then entered the Tesla Asset as purchased in 2023.  TTB then produced an Asset History that is just as wacked out as the importing created.  TTB knows it's a 5 year depreciation schedule, yet the numbers are crazy.  As far as I can tell, there have be no changes in the tax law that would cause this.

Here's the Token for that 2024 file if it can help.   5..2..0..5..3..5..5..6..-..6..7..2..7..8..8..8..3

Any luck on your end?