My partnership owns and rents a house. The house is rented and is used by the partners part time. Rental factor is .6437
A refrigerator which has been being depreciated died after depreciating to about half its cost (cost $815, depreciation until 11/15/2023 is $533). When TT calculates the amount of loss, it shows $73 . Why would the loss not be ($815-$533) x .6437 =$181.50?? I can't find the formula that TT uses to calculate it.
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If you're using TurboTax Business, enter Forms Mode and check your asset entry worksheet.
Not sure what was done in the past. If the cost was 815 and business use each year was .6437 the depreciable basis would only be $815 x .6437 =$525. That's the maximum business depreciation allowed. So how $533 in depreciation was taken is a mystery.
The rental use factor varies year to year.
My question was why TT doesn't account for the total amount of loss between the cost of the item and the value at disposal.
@Fishranger wrote:
The rental use factor varies year to year.
That's a problem because TurboTax Business really does not support variable use factors.
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