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pogoli
Returning Member

E-File Blocked Due to Prior Depreciation Error After Transferring Assets Between Businesses

I'm using TurboTax 2024 Desktop (PC) and can't e-file because of depreciation-related errors, even though I already paid the state e-filing fee.

Last year, I ended one business activity and began a new one. Some assets (e.g., laptop) were legitimately transferred to the new business and should continue to be depreciated.

TurboTax handles prior depreciation correctly for shared home office assets but seems to fail when entering business assets with prior depreciation. Even when using the same name, date placed in service, and original cost, the software either miscalculates the depreciation (if prior depreciation is left blank) or throws an error when the correct prior depreciation is entered.

There is no option to override or resolve the error, and the e-file is blocked because of it. I need help clearing this error or a way to file without triggering it, since the TurboTax calculated depreciation amount is clearly wrong and claiming it would be inaccurate.

Here are some screenshots to illustrate the problem.  126 is the correct amount (first image) and entering 0 as instructed provides an incorrect depreciation deduction.  There is not 436 (second image) left on this asset to depreciate.

PriorDeprecErrorIllustration.png
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1 Reply
pogoli
Returning Member

E-File Blocked Due to Prior Depreciation Error After Transferring Assets Between Businesses

I think I just fixed it.  I right clicked on the correct calculated value and overrode it, and changed the value TurboTax simply could not abide, and it cleared the errors enough for me to e-file. 

 

Wow TurboTax, disappointed is an understatement.

PriorDeprecErrorIllustration-Fix.png

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