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I filed my taxes with a CPA in previous years but using FreeTaxUSA for 2023 tax year. On my Schedule C my CPA has been taking depreciation since 2020 for my home office (business use of home) using the mid-month straight line method at 31.5 years. However, when I input my home office expenses using FreeTaxUSA (note, I put…
I am now entering my Depreciable Assets into FreeTaxUSA file for 2018. I transferred my 2017 Turbo Tax file into FreeTaxUSA. No problem, everything seemed to transfer fine except Depreciable Assets on my Rental Property (Schedule C). No assets came in from the TurboTax pdf file?? Not sure why, but no problem as I have the…
I had a tough time phrasing the question, so I apologize for any confusion. Basically, I claimed the home office deduction when I first started my business, from 2007-2012. Starting in 2013 I leased a commercial office, and from 2013-2023 I didn't claim a home office. Starting in 2024, however, I am back to working from…
I hadn't calculated depreciation for my small rental home in years. I guess my previous tax software missed that. I do remember taking it when I used a CPA and a tax preparer in the past, though. How do I calculate the depreciation? How do I enter that in FreeTaxUSA? What happens if I depreciate my property - does that…
I'm adding a new depreciable asset for 50% business use, and I can't find the option to use a "bonus depreciation" or "special depreciation allowance," like TurboTax lets me do. The FAQ entry suggests that it exists: "Bonus depreciation is also referred to as a special depreciation allowance. You can enter it when you…
We added a work truck this year (over 6000 pounds at 100% business use). When following the software prompts in the Schedule C - depreciable assets, I need to choose a category for it. Choices are: Computer, cell phone, copier Equipment Real Estate Other Each category has an explanation and examples, but none of them…
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