I recently got a question that I can't answer, and probably you can't
either. I'm curious, though, if you have any thoughts.

The OP was doing his taxes with H&R Block software, and it came up with Accumulated Depreciation as zero, even though he says he still has 23
years of depreciation left. I have not seen any of his documents and
know nothing of his finances.

Should I just send him to a real person at Block?

Thanks.

--
Stu
http://DownToEarthLawyer.com


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On 2/18/2023 7:00 PM, Stuart O. Bronstein wrote:

I recently got a question that I can't answer, and probably you can't
either. I'm curious, though, if you have any thoughts.

The OP was doing his taxes with H&R Block software, and it came up with Accumulated Depreciation as zero, even though he says he still has 23
years of depreciation left. I have not seen any of his documents and
know nothing of his finances.

Should I just send him to a real person at Block?

Thanks.

In the first year of operation, an asset would have an 'accumulated depreciation' of zero. Otherwise, it's not a term I've come across.

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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
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On Sunday, February 19, 2023 at 10:52:04 PM UTC-5, Wilson wrote:

On 2/18/2023 7:00 PM, Stuart O. Bronstein wrote:

I recently got a question that I can't answer, and probably you can't either. I'm curious, though, if you have any thoughts.

The OP was doing his taxes with H&R Block software, and it came up with Accumulated Depreciation as zero, even though he says he still has 23
years of depreciation left. I have not seen any of his documents and
know nothing of his finances.

Should I just send him to a real person at Block?

Thanks.

In the first year of operation, an asset would have an 'accumulated depreciation' of zero. Otherwise, it's not a term I've come across.
--

Since no asset class has a 24 year depreciation life, there should be some accumulated depreciation. This looks like he didn't enter the accumulated depreciation into the software. This is not something the software would calculate on its own unless he
used the same software last year and brought last year's data forward.

Ira Smilovitz, EA
Leonia, NJ

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<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
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ira smilovitz <ira.smilovitz@gmail.com> wrote:

Wilson wrote:

Stuart O. Bronstein wrote:

I recently got a question that I can't answer, and probably you
can't either. I'm curious, though, if you have any thoughts.

The OP was doing his taxes with H&R Block software, and it came
up with Accumulated Depreciation as zero, even though he says
he still has 23 years of depreciation left. I have not seen any
of his documents and know nothing of his finances.

Should I just send him to a real person at Block?

Thanks.

In the first year of operation, an asset would have an
'accumulated depreciation' of zero. Otherwise, it's not a term
I've come across. --

Since no asset class has a 24 year depreciation life, there should
be some accumulated depreciation. This looks like he didn't enter
the accumulated depreciation into the software. This is not
something the software would calculate on its own unless he used
the same software last year and brought last year's data forward.

Thanks guys. Exactly what I needed to know.


--
Stu
http://DownToEarthLawyer.com


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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

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