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Discussion Forum Index --> Basic Tax Questions --> Depreciation on fomr 8825?
Discussion Forum Index --> Tax Questions --> Depreciation on fomr 8825?
Racyeo (talk|edits) said:
| 31 January 2008
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| I have an LLC which owns a rental condominum. This is their first year. Using TurboTax, I've got all the income and expenses to form 8825 but depreciation is popping out on the 1065. Shouldn't this be directed to the 8825 as well and if so, what am I doing wrong?
Thanks!
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RoyDaleOne (talk|edits) said:
| 31 January 2008
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| Should be 8825. Don't use turbo tax so don't know what is wrong.
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Kevinh5 (talk|edits) said:
| 31 January 2008
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| Jackie, I use Drake and in the 4562 asset input screen I have to tell it where to put the depreciation if I don't want it to use a default.
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Death&Taxes (talk|edits) said:
| 31 January 2008
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| If it is like 'big brother' Proseries, you should be able to change the activity from the 'Forms' menu at the top....pull down the menu and see if you can find 'change activity.' You should have been able to link the asset entry sheet from the 8825 where it asks about depreciation.
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Racyeo (talk|edits) said:
| 31 January 2008
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| I wasn't able to change the activity as suggested. I was able to remove the form 4562 that linked to 1065 and then on the form 8825, create a new 4562. It wasn't intuitive though and appears to be a real flaw in their "interview" program. Thanks for all your help!
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Kevinh5 (talk|edits) said:
| 31 January 2008
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| No one will call Turbo Tax a professional program - it is really made for DIY'ers who haven't a clue, not for professional tax preparers. I'm glad you knew that it was wrong. Once you get more experience, you will not need any interview system.
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Death&Taxes (talk|edits) said:
| 31 January 2008
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| You are right,Jackie....the 2006 copy of Turbo Tax I have does not permit changing the activity, though it uses that word on the Asset sheet. I had to dig this out from my backup old computer where I install Turbo every year because some people send me CDs or email me their Turbo Tax file to review.
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