To manually enter
depreciation in order to match assets previously being depreciated outside of
TurboTax, use the steps below as a guide.
- Starting from
the Rental Properties and Royalties
or the Business Income and Expenses
(Schedule C) selection under income, choose Update or Review
to get to the details about your rental or business
- Proceed to the
summary page, then Edit your rental property or business name
- Proceed through
the questions until you reach the area where you can click Start or
Update for the Assets/Depreciation
section
- Proceed to the
point where you adding an asset on the page titled Describe This Asset
- In order to
enter the asset exactly as it has been reported in the past, choose the
last option on the list, Intangibles,
Other Property, then click Continue
- On the next page
titled, Tell Us a Little More,
select Other asset type, then
click Continue
- Enter the
detailed information about the asset:
description, cost, date purchased or acquired. Click Continue
- Continue with
additional details on the next screen, then click Continue
- Select the
appropriate Asset Class, then
click Continue
- Choose the MACRS Convention, then click Continue
- Select the Depreciation Method, then click Continue
- Answer the
question regarding Listed Property,
then click Continue. There
may be some additional background questions as well, such as bonus depreciation depending on the
date the asset was placed in service
- You will
eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue
- Finally, you
will see an Asset Summary
screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for
the asset so you can verify that it matches the previously reported
information. If it does not, you
can choose to go Back and re-enter the data that needs to be
changed.
