Question

How can you figure correct depreciation, asset class on the 8829 and asset entry worksheet if there are no choices that fit, & your override, if possible shows errors ?

Forum|Forum|6 years ago
June 1, 2019
3 replies
0 views

I used to use an acct. who did my depreciation worksheets etc. for my home office. Form 8829 computes automatically (Line 42). The depreciation amt allowable is lower and has been the same for the last 20 years or so. Cannot override because message says that e-filing can cause problems. Also , on the asset entry worksheet, there is no asset class for home office (the IRS says use code M) and cannot indicate 39 years from the original date as was the case years ago. Now line 46 on the worksheet has other choices 3, 5 , 7 15, 25... Can't override that. Errors still show at final review.

TurboTax Premier Windows

M

mglauner

On the Asset Entry Worksheet, choose M - Home Office for 'Type of Asset'.

The Detail Asset Information, Recovery Period, should then automatically fill in for 39-year Depreciation.

[Edited 3/11/2020 | 5:32 PM]

W

winkfpAuthor

I used an asset entry worksheet that didn't have the M relating to home office and did not have 8829 in title. Thus, could not do. When I went to depreciation worksheet from the form , the correct worksheet came up with the 39 years. Thanks Turbo Tax.

Still line 42 of of 8829 is different from what accountant has. I will request info from him with appropriate worksheets to see why numbers are different. I do other family members using TurboTax and have been very satisfied.

M

Mike9241

for a home office since it's a business the correct depreciable life is 39 years even though it's in your home.

J

JSylvesterD

Your 2020 turbotax software DOES NOT have an "option M" in the 8829 Asset Entry Worksheet! Please advise

Carl11_2

Employee

Assuming this is for a SCH C business, When you indicate that you hve a home office for that business, it will work you through that. You will not be asked for an asset type, because a home office is automatically set up and configured for 39 year depreciation. The set up for that is done automatically by the program - not you personally.