Asset DescriptionCodeDateCostBus Use %Section 179Special Depreciation AllowanceDepreciable BasisLifeMethod/ConventionPrior DepreciationCurrent Depreciation2022 Kia TellurideA07/30/202253,97576.45 41,2645.0200DB/HY12,86411,360 $12,864 prior depreciation was the Special Depreciation Allowance taken in 2022 when the asset was placed in service ($19,200 limit x 67% business use). The depreciation table to use for 5.0 200DB/HY is Table 1. which shows 32% for the 2nd year. $41,264 x 32% = $13,204, not $11,360.

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Question

Depreciation Report for 4562 is calculating wrong depreciation?

Forum|Forum|2 years ago
January 5, 2024
3 replies
0 views

Asset Description	Code	Date	Cost	Bus Use %	Section 179	Special Depreciation Allowance	Depreciable Basis	Life	Method/Convention	Prior Depreciation	Current Depreciation
2022 Kia Telluride	A	07/30/2022	53,975	76.45			41,264	5.0	200DB/HY	12,864	11,360

$12,864 prior depreciation was the Special Depreciation Allowance taken in 2022 when the asset was placed in service ($19,200 limit x 67% business use).

The depreciation table to use for 5.0 200DB/HY is Table 1. which shows 32% for the 2nd year. $41,264 x 32% = $13,204, not $11,360.

zenith191Author

Unfortunately the worksheet doesn't provide any clues as to how it is coming up with this number.

Anonymous_

Employee

What about the percentage of business use? Are you taking that into consideration?

zenith191Author

Yes. Cost $53,975 x 76.45% business use gets us to the depreciable basis which is correctly shown as $41,264.

Rick19744

Employee

deleted as I see regular and AMT depreciation are coming out the same. This doesn't make sense.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

Rick19744

Employee

I believe you are going to need to do one of several things:

Call TT and have them look at it
Make sure you have the most recent update
It could be that there is a glitch as it is very early in the production cycle. These things happen early on and if you wait for a couple of updates it may correct itself.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.