Depreciation and Amortization

if you are paying $18K per year or so on the financing the principal amount you are financing is part of the depreciable cost and depreciation should have started in the year the equipment was put into service so it seems that 2020 and 2021 were reported incorrectly. see a tax pro becuase this needs to be  corrected.  you can not expense the principal payments as they are paid.  

If you transferred 2020 into 2021 the depreciation should be be automatically calculated each year.  Are you doing a personal return with Schedule C or a separate Business return?  

For Schedule C the depreciation is on form 4562 and goes to Schedule C line 13.

 4562 is a summary of current depreciation and doesn't list the individual items.  If you are using the Desktop program you can get the Asset Life History.  

Oh you are doing a 2021 return?  Then you have to be using the Desktop installed program.  Did you start by transferring the .tax2020 file?  If not or you didn't use Turbo Tax for 2020 you will need to enter the 2020 Asset manually and enter the prior deprecation taken.  

Using the Desktop program you can get an Asset Life History worksheet but you have to do it in Forms Mode, click Forms in the upper right (upper left for Mac)  You can't get detailed worksheet showing all the assets but you can get the Asset Life History on each one. It doesn't print out with your return or save in the pdf.  So you have to print each Asset Life History individually.

Scroll down the list of forms in your return to a Asset Entry or Asset Worksheet and open it.  Then down on line 14 is a QuickZoom button to Asset Life History, Click on that.