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March 20, 2023
Question

Calculating "Amount of Depreciation Taken in Prior Years"

  • March 20, 2023
  • 1 reply
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First time using TurboTax after using CPAs the last few years. I'm trying to enter my self-employment business assets (computers and camera equipment) based on the previous years' worksheet "2021 Depreciation and Amortization Report."

 

I'm not 100% sure I have the correct numbers for "Amount of Depreciation Taken in Prior Years." Here's a simplified example of the 2021 worksheet I have from the CPA, with a couple of line items:

 

DescriptionDate AcquiredUnadjusted Cost or BasisReduction in BasisBasis for DepreciationBeginning Accumulated DepreciationCurrent Year DeductionEnding Accumulated Depreciation
Lens12/21/2016116258158143558493
Camera12/31/20191112 1112318227545

 

Is the "Amount of Depreciation Taken in Prior Years" in TurboTax the same as the "Ending Accumulated Depreciation" in the table above from 2021?

 

Thanks in advance,  I appreciate any help with this! 🙂

1 reply

PatriciaV
Employee
March 20, 2023

Yes, you are correct. The final column "Ending Accumulated Depreciation" from 2021 is the "Amount of Depreciation Taken in Prior Years" for TurboTax 2022.

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ecthelionAuthor
March 20, 2023

Excellent, thank you for confirming that! 🙂