Question

I'm unable to change the "Depr allowed or allowable" in Schedule C. Currently receiving message that "Depr allowed or allowable is too large."

Forum|Forum|5 years ago
July 15, 2020
1 reply
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Sold the car that at beginning of 2019 that I was using in my consulting business. I've recorded the gain on the sale, but it carries forward the depreciation allowed from 2018. I can't delete it or change it in the "CHeck this Entry" section.

TurboTax Live Self Employed

A

AmeliesUncle

TurboTax can not calculate the sale of a vehicle (or other asset) that has varied in business percentage from year to year. So you can't report the sale in the vehicle section. You either need to manually calculate things and enter it in the "Sale of Business Property" section, or go to a tax professional.