Amt prior depreciation

[arleney]

turbotax is telling me this needs review.  I don't know what to put in the box.

[NicoleU]

In regards to calculating the Prior Depreciation Equivalent, you will need to determine the amount to enter for depreciation, by multiplying your business mileage for each year (You can find this number on your Form 4562, under Part V, line 30)  that you used and multiply by the standard mileage rate for that year.

It is the same for both your regular tax depreciation and your AMT depreciation.

For example:

In 2015, business miles of 100, multiply by the 2015 standard mileage rate of 0.575 (100 X 0.575)= $57.50

The amounts would be $57.50 for prior regular tax depreciation and your prior AMT depreciation.

For the standard mileage rate for previous years, please click this IRS link: https://www.irs.gov/tax-professionals/standard-mileage-rates