Schedule C state prior depreciation

Forum|Forum|3 years ago
April 5, 2023
1 reply
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When reviewing I get a pop up screen that is telling me to fill in an entry asking for state prior depreciation on schedule C. Where can I find this amount? I have used turbotax for years and I have all prior year tax forms.

Ask the Experts - Refund - April 2023

RobertB4444

Level 15

Form 4562 from last year will have the depreciation information. There is also a schedule at the end of your California return that shows the amount of depreciation taken in 2021 and the amount remaining as well as the accumulated depreciation as of 2021.

@DianneG

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DianneGAuthor

Level 2

California? I'm from Massachusetts. So 2021 federal form 4562 depreciation amount would be the same as state of Massachusetts depreciation amount?

AmyC

Level 15

Maybe. Thanks for the extra information. MA has a depreciation adjustment when a taxpayer claims bonus depreciation on the federal return. For the year property is placed in service and subsequent years, a taxpayer must calculate Massachusetts depreciation as if the taxpayer elected not to utilize the bonus depreciation allowance.

You can look on your Form 4562 for Sec 179 or bonus depreciation. For guidance, see Massachusetts Department of Revenue Issues Guidance.

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