Depreciation - Home Computers Used For Investments
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While it is possible to take a deduction for depreciation on home computers used for investments, there is no way to modify this field within Federal Q&A.
You will need to manually calculate the depreciation and enter the amount as Other Expenses.
From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
Click Itemized or Standard Deductions to expand the category, then click Other expenses related to taxable income - Subject to 2% of AGI limit
Click Continue two times
Enter "Depreciation Computer" in the description box titled Other, and the calculated amount in the amount box
On the other hand, you can create a "dummy" Schedule C in the TaxACT program to calculate the depreciation amount, then delete that Schedule C.
Click on the Federal Q&A tab
Click Business Income to expand the category and then click Business income or loss from a sole proprietorship
Click Add to create a new Schedule C
Click Continue or No until you reach the screen Business Income - Depreciation, then click Yes
The program will proceed with the interview questions for you to enter or review the appropriate information
The screen titled Depreciation - Summary will show you the amount of depreciation to enter in the navigation steps above
To delete the Schedule C:
Click on the Federal Q&A tab
Click Business Income to expand the category and then click Business income or loss from a sole proprietorship
Check the box to the right of the "dummy" Schedule C previously entered, then click Delete
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