Question
What to enter for prior depreciation equivalent and AMT prior depreciation equivalent when calculated amount is greater than cars value when put in use
I had a low value car, put a lot of miles on it, and last year turned it in for scrap metal. The depreciation value I calculate by the guidelines is near twice what I estimate the car was worth when put in use, turbo tax says not to enter an amount over the value of the car but insists I enter an amount for both prior depreciation and AMT prior depreciation. What then do I enter, and would I enter the same amount for both?
