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First time using Turbo tax-listing assets for farm/barn cost $90,455 10/01/2013. On CPA 2015 return=39 yr, Prior=2,899 current=2,320 How do I enter for 2016?

Forum|Forum|7 years ago
June 4, 2019
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I know the barn should have been on a 20 yr schedule, but I do not know how to list it for 2016 in Turbo Tax? I do not care if I lose some of the depreciation, I just want to make sure I do not list incorrectly and cause an inquiry.

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Best answer by Cattlerancher

You must be in the Farm Income and Expense section, (I assume you are). Using the Asset Entry section, add a new asset. Describe This Asset, Click "Farm Equipment, Animals, Agriculture", Continue-to Tell Us A Little More About This Asset, click "Farm Buildings", Continue-to Tell Us About This Farm Asset, Description-Cost-(original)Date purchased, Continue-to next page with more details and percentage of use, Continue-use half-year convention, Continue-to question about section 179 (I assumed none), Continue-to Prior Depreciation and enter $5121 (if that's correct), current year (2016) allowed depreciation is $6400. Be sure to click Details and review. If it's correct leave this asset in place. Then delete the 39 year asset. Once the asset is entered, TurboTax will calculate your allowed depreciation automatically each year in the future until fully depreciated.

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CattlerancherAnswer

Employee

You must be in the Farm Income and Expense section, (I assume you are). Using the Asset Entry section, add a new asset. Describe This Asset, Click "Farm Equipment, Animals, Agriculture", Continue-to Tell Us A Little More About This Asset, click "Farm Buildings", Continue-to Tell Us About This Farm Asset, Description-Cost-(original)Date purchased, Continue-to next page with more details and percentage of use, Continue-use half-year convention, Continue-to question about section 179 (I assumed none), Continue-to Prior Depreciation and enter $5121 (if that's correct), current year (2016) allowed depreciation is $6400. Be sure to click Details and review. If it's correct leave this asset in place. Then delete the 39 year asset. Once the asset is entered, TurboTax will calculate your allowed depreciation automatically each year in the future until fully depreciated.