Question

The property assets shows a depreciation of $5K, but why is it not being transferred to the Summary page? Summary Page shows $0. for the depreciation

Forum|Forum|6 years ago
March 11, 2020
1 reply
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TurboTax Premier Online

In TurboTax Online Self-employed, I added a depreciable asset to a self-employment activity.

At the screen Here's your acctg info, I am able to scroll down and see the depreciation amount to the right of the Assets.

When I go to the Business Asset Summary, I am able to see the depreciation about to the right of the asset name and to the left of the Edit button.

When I view the Asset Summary for the asset and click on Show Details, I am able to view Your 2019 estimated expense for this asset.

If you elect the Section 179 deduction for the asset, the depreciation amount will appear under Section 179 of the Business Asset Summary.

If I elect the 100% special depreciation for the asset, the depreciation amount will appear under Special depreciation of the Business Asset Summary.

Did you elect Section 179 deduction or 100% special depreciation? Is this why you are not seeing the depreciation amount under the column Depreciation?

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T

TaxUserAv

I entered cost of the property and % of rental / personal use, and date when i converted to rental from personal use it calcualted around 2000 depreciation using SL. but summary still wont show depreciation, so is passive loss for carry forward next year

ColeenD3

It is possible you are answering questions as though it was a vacation home (% of rental / personal use), and as a conversion (when i converted to rental from personal use).

You want to keep in mind that this is not a vacation home. There is no combined personal and business usage. It was your home and then it was a business.
Business use from the date of conversion on was 100%.