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MD324
February 9, 2025
Question

In correct calculation of depreciation

  • February 9, 2025
  • 1 reply
  • 0 views

Turbo tax is calculating prior year depreciation on an asset just being put into service current year. How do I get it to calculate the depreciation correctly as year 1? 

 

    1 reply

    J
    JamesG1
    February 9, 2025

    In TurboTax Online, the depreciation calculation is based upon the date that you first started using it for business.

     

    Date purchased or acquired is found at the screen Tell Us About This Asset.

     

    The date that you first started using it for business may be a later date and is found at the screen Tell Us More About This Asset.

     

     

    Check these entries to make sure that the correct entries have been made.

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