The client started depreciating the car in tax year 2020 and took the special depreciation ($18,100) with another accountant. I have now taken on this client and am trying to make sure the depreciation is entered correctly in form 4562. Can someone guide which fields need to be entered in ProConnect. The cost basis of the car for tax year was $41,149.
Thanks so much! Vehicle type is SUV above 6,000 lb used >50% for a qualified business.
This is what I see on last year's tax return which was the first year of depreciation:
Line 25, column h: 18,100
Line 26, column 😧 41,149
Line 26, column E: 23,049
Line 26, column F: 5.00
Line 26, column g: 200 DB-HY
Line 26, column h: 0
Line 28: 18,100
Cost: 41,149
Thanks again.
My input for this is Cost or other Basis 41,146, Method 43, Prior Special Depreciation 18,100 (I used 6/14/2020 as date in service) and what I get is
The table for 5 year is 32% of remaining basis, which is 7,374.72 or $7,375
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