Using TT Home and Business I chose the category "Other Asset" and entered a 20-yr asset with an acquired date of 06/01/2006 using the 150DB depreciation method with a basis of $3,000. The accumulated depreciation at the end of TY2021 was $2,321. There was no section 179 expense or other reduction in basis. With this data, TT calculated a TY 2022 depreciation deduction of Zero! Something is not right with this; there is still $679 in unused accumulated depreciation remaining. anybody explain what the problem is? I should be getting a deduction of about $55 for TY 2022.
This is what the help tells me:
"No Depreciation Calculated
There are several reasons why TurboTax may not have calculated depreciation for your asset. They include:
- this calculation may be only applicable for your state (if that is the case, the Federal depreciation would be zero)
- the asset may already be fully depreciated
- you may have incorrectly entered the date you acquired the asset
- you may not have entered a cost for the asset"
NONE of these things are true and yet TT still gives $0 for the deduction.
I posted this question. The answer was very simple. I fat-fingered a value of 2 years instead of 20 years when entering the data. I did not notice it until after I posted. No mystery here.