I entered 2017 assets into the depreciation input (5 yr, elected straightline) and the depreciation percentage Proconnect tax online is using for 2020 is .35821. Help!

Forum|Forum|4 years ago
September 14, 2021
1 reply
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T

TaxGuyBill

Level 15

Was the asset always 100% business use?

When you entered the "prior depreciation", is that "prior depreciation" amount the correct amount if the taxpayer properly claimed depreciation since 2017?

D

Doc TxsAuthor

Level 2

Always 100% business use. Ahhhh... error inputing prior year depreciation. I just assumed it would calculate this year's depreciation correctly so when I checked it to make sure it was showing up correctly I was confused. That's not the right technical answer (for the program to just make up the difference between what was taken and what should have been taken) but now I know what's going on.

Thanks for the quick reply!

Followup: Now when I put in the correct prior year number it's sometimes correct, and sometimes off by a few dollars (depending on the asset) correcting it by overriding the current year amount results in next year's depreciation being off by the difference it thought it should be this year. Sigh. Not worth bothering with for a few bucks, but still annoying.

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