First time Turbo Tax listing assets for farm. Barn cost $90,455 10/01/2013. My 2015 Asset Report Per=39, Conv=MO, Meth=S/L Prior=2,899 current=2,320 How do I enter 2016?

[csstollar]

The automatic prior year depreciation comes up about 1,000 higher then what my CPA/2015 return has used in depreciation. I'm pretty sure it is the method?

[csstollar]

Since my prior returns was for 39 years (nit the correct 20 years), how do i enter this asset in turbo tax for 2016?

[Cattlerancher]

You must be in the Farm Income and Expense section, (I assume you are). Using the Asset Entry section, add a new asset. Describe This Asset, Click "Farm Equipment, Animals, Agriculture", Continue-to Tell Us A Little More About This Asset, click "Farm Buildings", Continue-to Tell Us About This Farm Asset, Description-Cost-(original)Date purchased, Continue-to next page with more details and percentage of use, Continue-use half-year convention, Continue-to question about section 179 (I assumed none), Continue-to Prior Depreciation and enter $5121 (if that's correct), current year (2016) allowed depreciation is $6400. Be sure to click Details and review. If it's correct leave this asset in place. Then delete the 39 year asset. Once the asset is entered, TurboTax will calculate your allowed depreciation automatically each year in the future until fully depreciated.

[Cattlerancher · Accepted solution]

When I enter your example into TurboTax as 39 year property, ("the prior years" not prior one year) so its the total prior depreciation taken so far (in 2013, 2014 and 2015) is $5121. Your 2016 allowed depreciation would be $2319. Does that help or make sense to you?

Also note that farm buildings (a barn) have a useful life of 20 years, not 39 years.