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Video instructions and help with filling out and completing turbotax entering 1031 exchange
Music hello everyone today we are going to learn how we can take reduction of depreciation expenses for our assets we have during the year through TurboTax tool while filing the tax return to continue please enter your user name and password under the TurboTax and click on sign-in after you do so you will be landed to a page like this to continue click on signature my return remember TurboTax always calculates your maximum deductions and credit based on the information you prso to prmore information click on businesses to continue click on search and enter the depreciation phrase here and click on enter with the search result this plating the first option shows us some - depreciation to continue and go to this page directly click here once done you will be asked a few more Crean like f sale of the business or rental property a recapture of the previously taken section 179 or listed property reduction other losses after disasters sale of real estate cars or anything else any additional like-kind exchanges none of the above assuming we want to recapture a deduction of the assets which we take depreciation previously and we have entered the details section 179 click on the second one and click on continue the next query ARC's tis certain tax reduction must be recaptured or feedback if you use up to the item in your business falls in 50% or lower did you have business usage of either of the following types of property force to 50% or less for the first time in 2021 if it's so click yes if it's no click no assuming it's no click on no and continue and if it's yes click on back and click on years and enter a few more details like if your business use or vistit Apogee fell to 50% or less enter the following information of the property if it's not listed in section 179 please do not enter anything on the screen and click on continue lizard property capture will be taken on the next screen if you have 200 deducting introduction while taking into property under section 179 enter your date or amounts here the amount of deduction taken and the depreciation that would have been taken on this section 179 through 2021 let's say you took a deduction of cows jealous earlier and it would have been taken to 2021 be around $1,200 click on continue apart from that if you haven't come from rentals or royalty property you own you can also take deduction for depreciation of those properties click on continue to go to my screen with information we have provided we are not really professionally is if you are so click on the relevant option under 1 or 2 assuming we are not a real estate professional click on none and continue click on edit where we have already provided the information or entered our rental summary if happy Hamid.