How to override depreciation deduction. Depreciable bases/recovery period is $152,500/27.5 years. Deduction should be $5545, but Turbo Tax is calculating $10,106. Why is it not calculating correctly and can this be overridden?
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Please clarify the type of asset you are depreciating. What was the in-service date? Have you viewed the depreciation summary calculations at the end of the asset entry interview to confirm you entered the correct information?
Thank you for your response. Figured out what i did wrong. I added last years depreciation manually in error which affected the calculation. Once removed, depreciation calculation was correct.
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