Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Depreciation calculation
Depreciation calculation
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
kindracpa
Level 3
04-06-2024
02:21 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a new client that has a van used for a schedule C business. The van was acquired in 2021. I have the depreciation schedules from the prior preparer so I can see that they took the correct deduction in 2021. I can't quite recalculate the depreciation for 2022. It is above my calculation.
The clients business use dropped below 100% but is still about 50%. ProSeries Basic is not calculating any depreciation deduction for this year. I recalculated it and determined that there should be a deduction this year. What am I missing?
Labels
2 Comments 2
joshuabarksatlc
Level 10
04-06-2024
03:49 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Double-check your input of the date and prior depreciation. Excessive prior depreciation may cap the current depreciation.
I come here for kudos and IRonMaN's jokes.
TaxGuyBill
Level 15
04-06-2024
07:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I suspect to match your manual calculations that you would need to scroll WAY down on the vehicle worksheet and check the box to use the IRS depreciation "tables".
Related Topics
