- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Error in Final Year of SL Depreciation calculation?
I am using Turbotax
2018 Deluxe. I have a problem with the
final year of SL annual depreciation. The
Date in Service is 4/1/1992. The Depreciable Basis of the asset is
$35,491. The method is SL with a 26.5
year life. The prior depreciation into
2018 is $34,147. The software is listing Current Depreciation for 2018 as $51. Since TurboTax, in prior years, has been
rounding off Current Depreciation to $1339, should not Current Depreciation for
2018 be $1012, the remainder?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Error in Final Year of SL Depreciation calculation?
The depreciation should be over 27.5 years and what I get ( both by hand as also from TubroTax ) is as follows:
for 2018, Prior depreciation -- $33179,
Current ---1290
2019 $1022
Since you are on windows version, you can go to forms mode and check the Asset Life worksheet ---->
From the top ribbon click "view", from the drop down list select "forms"; new window opens with two panes --left lists all the forms/ worksheet being used, select "Asset worksheet" ; then on the right pane go down the form till about lower middle you will see "Asset life" --quick zoom button ; click that and you will see the whole asset life table i.e detailed depreciation allowable.
If you need more on this feel welcome to comment
Still have questions?
Or browse the Forums