To enter an asset using straight-line depreciation, usethese steps:Navigate to the area of your tax return whereyou want to enter a depreciable assetClick Addan AssetOn the screen titled Describe This Asset,choose Intangibles, Other propertythen click ContinueOn the screen titled Tell Us a Little More,choose Other asset type then click ContinueOn the next screen, enter the details for thedescription, cost, and date purchased or acquired then click ContinueOn the next screen, continue adding detailsregarding the asset and click ContinueNext, choose the appropriate asset class (class life) and click ContinueDepending on the date the asset was placed inservice, there may be an additional screen asking for more informationNext, choose the Straight Line depreciation method, then click ContinueThere will be additional questions to review yourentries and add more details if needed (such as depreciation taken in prioryears)Continue going through all screens until you getback to your summary screen showing your complete list of assets

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How do I do straight-line depreciation in Home and Business?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Self Employed Online

Best answer by AnnetteB6

To enter an asset using straight-line depreciation, use these steps:

Navigate to the area of your tax return where you want to enter a depreciable asset
Click Add an Asset
On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
On the screen titled Tell Us a Little More, choose Other asset type then click Continue
On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
On the next screen, continue adding details regarding the asset and click Continue
Next, choose the appropriate asset class (class life) and click Continue
Depending on the date the asset was placed in service, there may be an additional screen asking for more information
Next, choose the Straight Line depreciation method, then click Continue
There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
Continue going through all screens until you get back to your summary screen showing your complete list of assets

A

AnnetteB6Answer

To enter an asset using straight-line depreciation, use these steps:

Navigate to the area of your tax return where you want to enter a depreciable asset
Click Add an Asset
On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
On the screen titled Tell Us a Little More, choose Other asset type then click Continue
On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
On the next screen, continue adding details regarding the asset and click Continue
Next, choose the appropriate asset class (class life) and click Continue
Depending on the date the asset was placed in service, there may be an additional screen asking for more information
Next, choose the Straight Line depreciation method, then click Continue
There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
Continue going through all screens until you get back to your summary screen showing your complete list of assets

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G

Good-Golden

the straight-line depreciation calculates the entire year, instead of the period used: laptop bought 09/12/2019, using 3 years straight line, should be $173

1. Tell Us About This Asset: input Description; date of purchase (9/12/19); 100% business use

2. Describe This Asset: Other

3. Tell Us a Little More: Other Asset Type

4. How Much Did This Asset Cost: 1,556

5. Type Z, Other Asset

6. How Do You Want to Deduct this Item: Spread the deduction over several years

7. Is This Listed Property: Yes (confirming the computer input earlier)

8. Enter Asset Type and Class: Depreciation Type: Non-recovery property; Asset: 3 year

9. Choose a Depreciation Method: Straight Line

10. Enter Recovery Period: 3

11. Depreciation Amount in 2019: $0

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If I change my response:

8. Enter Asset Type and Class: Depreciation Type: No Entry; Asset: 3 year

9. Choose a Depreciation Method: SKIPPED

10. Enter Recovery Period: SKIPPED

11. Depreciation Amount in 2019: $519

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I have tried different combinations but the result is either $519 or $0. Is this a bug with how TurboTax calculates depreciation using straight-line. I understand that the default is MACRS.

Please HELP!!!

T

ThomasM125

I entered your numbers and came up with a depreciation amount of $259.

If you take the cost of $1,556 and divide it by three years and then by twelve months you get a monthly depreciation of $43.22. I you multiply this by six months (TurboTax assumes a 1/2 year convention) you get $259.

So with the exception of the 1/2 year convention that is debatable, the program seems to be working correctly.

It may be necessary for you to delete the asset entry and re-enter it. Sometimes if you change the figures too many times the routine won't work properly.

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