Entering restorations in TT

Forum|Forum|3 years ago
March 25, 2023
2 replies
24 views

My truck required a major repair which I believe qualifies as a restoration under the BRA test. How do I enter this into TT. If I create a new asset I'm not sure if I enter the in-service date for the vehicle being repaired (which was in 2015), or enter the date of the restoration as the " in service date". It gives some wacky results if I use the date the vehicle went into service. I'd like to write off the restoration cost under 179. The vehicle is fully depreciated and is NOT a "listed asset".

TurboTax Home & Biz Windows

Best answer by toddrub46

Thanks for the quick response, I'll do that.

ErnieS0

Level 15

The restoration costs would be a new asset under the "betterment, a restoration, or an adaptation" test. Therefore, the in-service date would be the date when the restoration was complete.

Generally, a property is considered placed in service when it is ready and available for a specific use, regardless of whether or not it is actually used at the time.

See Depreciation Reminders

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"