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October 1, 2020
Question

depeciation

  • October 1, 2020
  • 2 replies
  • 0 views

Where do I manually input depreciation expense?

2 replies

DoninGA
Employee
October 1, 2020

When you are in the Business section of the program, the Rental Property section of the program or the Farm section of the program you enter the Assets for the Business, Rental Property or Farm.

The program will ask you the cost of the Asset and the date it was placed into service.  The program will calculate the prior depreciation (if any) and enter the current deprecation, based on the Asset type recovery period, on the Schedule C, Schedule E or Schedule F.

Carl11_2
Employee
October 2, 2020

To expand on @DoninGA 's response, if the program is not showing what you believe to be the correct depreciation automatically, do not change it manually. It just makes matters worse next year. More than likely, your CPA was using a non-standard but legally allowed depreciation schedule. Is such a scenario there is a way to "make" the program use that legal but non-standard method. Just let us know what the depreciation period is supposed to be, and we'll walk you through getting the program to use it and figure your depreciation the same way it's been figured in the past.