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March 13, 2023
Question

How do I edit depreciation entries?

  • March 13, 2023
  • 1 reply
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I have miss-entered past depreciation, how do I edit the entry?

1 reply

March 13, 2023

Yes, you can edit your past accumulated depreciation if you entered it wrong this year. 

 

If you just noticed that it was entered wrong in a prior year, you will need to amend that return and carry the changes forward to this year to correct the depreciation. 

 

You don't mention if this is a rental, farm or business asset, but the process is the same once you get to the asset summary. 

 

Here is how to get to that section of your tax return in a rental:

  1. Select Federal from the left side menu.
  2. Select Wages & Income.
  3. Scroll down the list and find Rental Properties and Royalties (Sch E), clcik Add/ Edit to the right.
  4. You should see a screen with Your 2022 rentals and royalties summary,
  5. Click Edit to the right of the property. 
  6. When you get to the screen that says, Here's Your rental property info, scroll down to Assets and click Edit to the right of the property.
  7. On the screen Your Property Assets, click Edit the the right of the property.
  8. Continue until you get to Confirm Your Prior Depreciation.
  9. You can edit your entry here.

 

If your asset is not a rental and you need more guidance, please respond back with more details, including what type of asset this is, and whether the error started this year, or in a prior year. 
 

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