My accountant used deprec.method 200DB for the purchases of equipment in 2014 for 5 yr recovery &in 2015 for a 7 yr recovery period. Where can I enter MACRS deductions?

[pflsf]

HY convention was used both years.
Basis of new asset in 2014 was $2100 for 5 yrs,
Basis of new asset in 2015 was $4000 for 7 yrs.
Having a hard time figuring out what figure to use and where to put it in this program.

I am self employed. 

[AnnetteB]

You will need to enter the assets that were placed in service in previous years as individual assets so that TurboTax can calculate the current year’s depreciation amount. 

To manually enter depreciation details in order to match assets previously being depreciated outside of TurboTax, use the steps below as a guide.  Assets for depreciation are commonly entered as part of Schedule C or Schedule E.  The instructions below are for Schedule C, but the process would be similar for Schedule E.

• Starting from the Business Income and Expenses selection under the business tab, choose Update or Review to get to the details about your business.
• Proceed to the Business Summary page, then Edit your business.
• Scroll to the Business Assets section, then Start or Update.
• 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, keep going.
• 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. 

[pflsf]

i cannot find the Business Asset section referred to in this answer. ??

[AnnetteB]

What version of TurboTax are you using?  Are you entering information for Schedule C or Schedule E?

[pflsf]

self employed   Schedule C     I don't have a business tab. I have self employment income and expenses

[AnnetteB]

My apologies, the online version did get a bit of redesign this year so it changed.  Starting from editing your business information under self-employment income and expenses, click the blue link "Add expenses for this work".  This will expand your choices where you can select Assets.  There will be some initial questions to answer in that section.  Then follow the guidelines above to enter the details for the assets.

[pflsf]

thank you!

[Pa13]

Can this method for entering previously calculated/reported depreciation be used for rental property depreciation? It appears that there is an Intangible/Other Property choice under Rental Property.

[MaryK1101]

You can use AnetteB's instructions from above.

@Pa13