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Marty-H
New Member

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?

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1 Reply
pk
Level 15
Level 15

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

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