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Hi and welcome to Just Answer!
I will help you with depreciation. What is your property? and what is your cost?
The property is my car...originally bought in 2003 for a cost of 23515
The car is depreciated over five years. So if it was in business from 2003 - it is fully depreciated.
Why do you need prior depreciation? Are you selling your car?
so in the blank that asks for a figure, what should I enter?
I'm not selling it, but TT keeps asking for a figure.
Did you depreciated your care in previous years?
at least I believe the account did
So - you need to take your tax returns for previous years and add depreciation deduction for all these years.When did you started to use your car for business? In which year?
What is your percentage of business use?
it varies from year to year...this year it's about 56%
So far - because your car is fully depreciated - it is $23515*56% - but to precise - we need to get amount for each year.Because your car was used in business more than 5 years - you may not claim depreciation anymore - it is fully depreciated.
TT entered a current depreciation amount of $1,027...I'm not sure how that was determined
Would it be appropriate to just zero out the amount of depreciation?
That is not correct. Your depreciation - should be zero.
As I mentioned above - the car is a five years property - and are fully depreciated over five years period.