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Straight line full month depreciating asset

Forum|Forum|3 years ago
October 7, 2022
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I have a vehicle my accountant setup as Straight Line Full month depreciating asset. I don't see any way to select this in TurboTax... only MM, MQ, and HY options. Now what?

TurboTax Home & Biz Windows

Best answer by Anonymous_

See https://www.irs.gov/publications/p463#en_US_2021_publink1000134864

Contact your accountant as there is no such convention as "full-month" (only mid-month, mid-quarter, and half-year).

A

Anonymous_Answer

Employee

See https://www.irs.gov/publications/p463#en_US_2021_publink1000134864

Contact your accountant as there is no such convention as "full-month" (only mid-month, mid-quarter, and half-year).

E

elderblazeAuthor

thanks for your reply. I wonder how I Fix this issue? it has been this way since 2019, and we are on the 3rd year of depreciation. I found this definition for full month.

"Full-month: An asset has an equal depreciation amount every month, starting with the first month in service and continuing throughout its useful life."

but I guess you are saying this is not an approved way to depreciate a vehicle asset. If I change it to Straight Line MQ will this cause an issue moving forward?

Critter-3

You cannot change the method of depreciation without getting the IRS permission. Look at the depreciation worksheet the accountant should have included in your packet to see exactly which method you were using. The usual method is HY unless you were required to use the MQ method. A car cannot use the SL or MM methods.