turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

PK2K
Level 2

Vehicle Fixed Asset Worksheet = How Calculated? (TurboTax Business)

Admittedly, I should have asked this question when TurboTax originally created the Asset worksheet in 2016, but hopefully better late than never? Trying to understand the 'Asset Life History' worksheet calculations for a vehicle placed in service 11-01-2016 (see attached). Original Cost $36,983. Used 70% for Business = $25,888 less <$7,812> sect 179 = depreciable basis of $18,076. My questions are essentially: How was the 'current depreciation' calculated? - e.g.

1) Why might the depreciation continue over 14 years for a asset with a 5 year life?

2) I can determine that the amounts beginning in year 7 of $1,313 correctly agree to 70% of the vehicle max of $1,875, but how might the other amounts have been calculated since they don't seem to agree to either DDB (twice straight line) or the MACRS %'s for a 5 year asset, even after considering the 70% business usage. 

Any thoughts/clarifications would be appreciated so that I can understand what the correct amounts should be, Asset Life HistoryAsset Life HistoryAsset Entry WorksheetAsset Entry WorksheetVehicle LimitsVehicle Limitsespecially if it turns out that I may need to file amended returns because the amounts shown as 'Current Depr' were what TurboTax included in the respective annual tax returns.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies