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Where do I enter depreciable assets?

I started a new business in 2022 and purchased some expensive machinery that I'd like to depreciate. The Turbo Tax desktop software is confusing me, and I can't figure-out how to enter these assets. Under business expenses, I entered the items under "other common business expenses", because I didn't see any other suitable category. Next, when walking through the wizard for "Business Assets - Business property that is depreciated", it asks me several questions that lead me to believe we're on the way to depreciating these assets. However, it notes that I should not have already listed them in "other", and it never asks me about the expenses. I tried removing them from "other", but the wizard still goes through the end without ever asking me what the assets are. I called Turbo Tax support and was told that I need to open the IRS form 4562 and fill it out myself. I don't believe that is right, since the UI has a questionnaire specifically for this topic, and I didn't buy Turbo Tax to fill out forms myself. I was also told that I could pay extra to talk to someone to learn how to fill out that form. Does Turbo Tax for Home and Business have a place for me to enter these assets, and where?

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6 Replies

Where do I enter depreciable assets?

Start in the section shown in the screenshot below.

 

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Where do I enter depreciable assets?

Also, if you made a mistake (input error), you can enter Forms Mode and check your asset entry worksheet and even delete it if necessary.

Where do I enter depreciable assets?

That is where I did start. That "wizard" doesn't ever ask for the assets. Here are the steps:

 

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5  

 

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I cropped-out the two buildings in the screen shot for privacyI cropped-out the two buildings in the screen shot for privacy

 

 

 

 

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9

 Back to the menu with no changesBack to the menu with no changes

 

 

 

After the above questions, the value is still $0 and I didn't find any place to enter assets. Did I miss it?

 

Where do I enter depreciable assets?

You seemingly (not 100% sure) answered one or more of those questions that would lead the program to behave in such a way as to expect you to enter the costs of the assets as expenses.

 

Try answering "No" to the question about gross receipts and basis (you might not qualify for that election anyway).

Where do I enter depreciable assets?

Was that an unrelated question somewhere? I posted screen shots of every question above. one of them is "Let's review each item you bought", and it doesn't review any items I bought, or offer any instructions to enter them. 

 

I'm feeling like I am being forced into taking a one-time deduction by TurboTax for some very expensive equipment that I was planning to depreciate. Should I just lump it all into the other costs and be done with it?

Where do I enter depreciable assets?

I asked whether that one screen (where you answered "Yes" to both questions) really does apply in your case.

 

Was the cost of all of your repairs, maintenance, and improvements less than (or equal to) the lesser of 2% of the unadjusted basis of your building or $10,000? 

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