Depreciation

Forum|Forum|2 years ago
December 19, 2023
1 reply
1 view

I have several small assets (carpet, appliances, etc.) for rental property that I would like to depreciate. Turbotax is automatically electing to expense these purchases, how do I avoid this default special depreciation expense?

TurboTax Home & Biz Windows

Anonymous_

Level 15

TurboTax will not expense small assets (under $2,500) automatically; you have to select that option.

Further, the assets/depreciation section of Home & Business is not yet complete. Are you using the 2023 edition?

kmsharrowAuthor

Level 2

I am using Home and Biz 2022 as I have not yet filed for 2022. I would like to depreciate my small assets, but the program is automatically expensing the entire asset under special depreciation. I have changed them to "other assets" and chosen straight line 5 year depreciation, but the program continues to expense the full amount.

Anonymous_

Level 15

Again, the program does not do that automatically; it asks you if you have assets that cost $2,500 or less.

You must have answered that question in the affirmative and, regardless, the program would not expense the assets automatically; you have to enter the figures manually in Expenses.