hntrust
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- Got Cheered for Free state e-filing?. July 15, 2020 11:24 PM
- Got Cheered for Free state e-filing?. May 25, 2020 5:19 PM
- Cheered Re: Schedule C and Form 4562 (Depreciation) for ThomasM125. April 16, 2020 6:25 PM
- Posted Schedule C and Form 4562 (Depreciation) on Deductions & credits. April 16, 2020 10:22 AM
- Posted Schedule C and Form 4562 (Depreciation) on Business & farm. April 15, 2020 6:16 PM
- Posted Re: Depreciating a piano on Deductions & credits. April 8, 2020 12:57 PM
- Cheered Re: Depreciating a piano for JamesG1. April 8, 2020 11:04 AM
- Posted Depreciating a piano on Deductions & credits. April 8, 2020 10:12 AM
- Posted Re: One other thing. You start the depreciation clock when y... on Deductions & credits. April 8, 2020 8:04 AM
- Cheered Re: Depreciation for a piano for MarilynG1. April 8, 2020 7:53 AM
- Posted Re: Depreciation for a piano on Business & farm. April 7, 2020 8:03 PM
- Posted Re: Depreciation for a piano on Business & farm. April 7, 2020 3:48 PM
- Cheered Re: Depreciation for a piano for MarilynG1. April 7, 2020 3:48 PM
- Posted Depreciation for a piano on Business & farm. April 7, 2020 2:04 PM
- Posted Re: Investments Acquired From A Decedent on Business & farm. March 14, 2020 1:04 PM
- Posted Loss carryover entry on Investors & landlords. June 6, 2019 12:54 PM
- Posted Are financial advisor fees that are shown on a 1099 deductible by a trust under the new tax law? I know they used to be deductible in prior years. on Retirement tax questions. June 6, 2019 12:15 AM
- Posted TurboTax asks the percentage of time that is spent conduc... on Deductions & credits. June 5, 2019 11:58 PM
- Posted Can a pianist deduct a home office? on Deductions & credits. June 5, 2019 11:58 PM
- Posted Other information skip person entry on Get your taxes done using TurboTax. June 4, 2019 11:36 PM
April 16, 2020
10:22 AM
On schedule C, TurboTax did not fill out Part IV for using the standard mileage rate for my car that I use sometimes for business. Instead it filled out form 4562 Part V, section B (Information on Use of Vehicles). On Schedule C Part II line 9, the correct entry was made for Car and truck expenses. I am not claiming any depreciation for the car but I am depreciating another asset that was placed in service for 2019. Is that why form 4562 was used for the car expenses? In prior year when I had no assets to depreciate, TurboTax just put the car mileage on Schedule C Part IV. I just want to make sure the entries were done correctly for 2019 and won't raise a red flag. Thanks
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April 15, 2020
6:16 PM
On schedule C, TurboTax did not fill out Part IV for using the standard mileage rate for my car that I use sometimes for business. Instead it filled out form 4562 Part V, section B (Information on Use of Vehicles). On Schedule C Part II line 9, the correct entry was made for Car and truck expenses. I am not claiming any depreciation for the car but I am depreciating another asset that was placed in service for 2019. Is that why form 4562 was used for the car expenses? In prior year when I had no assets to depreciate, TurboTax just put the car mileage on Schedule C Part IV. I just want to make sure the entries were done correctly for 2019 and won't raise a red flag. Thanks
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April 8, 2020
10:12 AM
A piano was purchased in 2011 while a student. In 2014 I began performing as a self employed concert pianist. I use the piano to practice and give lessons exclusively in my home office. So in 2014 I started using the piano to produce income. Depreciation was never taken in prior years. Can it be depreciated starting for 2019 and how do I do that in TurboTax Home and Business? Do I have to file amended returns or can I just not take the depreciation for years prior to 2019 and just start taking depreciation beginning with the 2019 return? I entered the information setting up the piano as a business asset in Home and Business. Where it asks what year I acquired the asset and the price I put 2011 and $32,000. Where it asks what year it was placed in service I put 2014. Then it calculated a depreciation deduction for 2019 as $12,800 which was transferred onto Schedule C. I thought the program would generate form 4562 but it did not. Is that correct? Any guidance would be appreciated. Thank you
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April 8, 2020
8:04 AM
I saw that you answered some questions in the past about depreciating a musical instrument. I hope you can assist me. A piano was purchased in 2011 while a student. In 2014 I began performing as a self employed concert pianist. I use the piano to practice and give lessons exclusively in my home office. So in 2014 I started using the piano to produce income. Depreciation was never taken in prior years. Can it be depreciated starting for 2019 and how do I do that in TurboTax Home and Business? Do I have to file amended returns or can I just not take the depreciation for years prior to 2019 and just start taking depreciation beginning with the 2019 return? I entered the information setting up the piano as a business asset in Home and Business. Where it asks what year I acquired the asset and the price I put 2011 and $32,000. Where it asks what year it was placed in service I put 2014. Then it calculated a depreciation deduction for 2019 as $12,800 which was transferred onto Schedule C. I thought the program would generate form 4562 but it did not. Is that correct? Any guidance would be appreciated. Thank you
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April 7, 2020
8:03 PM
Why doesn't TurboTax generate form 4562 to be sent to the IRS? TurboTax calculated how much depreciation I could take this year and entered it on schedule C but didn't create form 4562. Is that because I did not claim depreciation beginning in the year that the piano was put in service as a business asset? If I don't file amended returns for the past 3 years to claim the depreciation will the IRS still recapture the depreciation I never claimed and will I have to pay tax in the future on the unclaimed depreciation?
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April 7, 2020
3:48 PM
I do give lessons at home so I have taken the home office deduction. Do I have to file amended returns since 2019 is the first year I will depreciate the piano even though it was put in service in 2014?
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April 7, 2020
2:04 PM
A piano was purchased in 2011 while a student. In 2014 I began performing as a self employed concert pianist. I use the piano to practice exclusively in my home office. Depreciation was never taken. Can it be depreciated starting for 2019 and how do that in TurboTax?
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March 14, 2020
1:04 PM
Would answer be NO in the event that a grantor's revocable trust became irrevocable at the grantor's death and contained mutual funds. The new trustee then sold the mutual funds to buy other more appropriate mutual funds for the trust's beneficiary?
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June 6, 2019
12:54 PM
Do I enter here the loss calculated on the 2016 carryover worksheet of $13,215? Also on the Deductions screen there is an entry for Other deductions - Net operating loss carryover. Do I enter $13,215 here also?
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