How do I add an asset to a tax return?

How do I add an asset to a tax return?

To add an asset to a tax return, follow these steps:

1.  If you have not done so already, add the form you want to carry depreciation to. For example, if you want the depreciation to appear on Schedule C, add the Schedule C to the tax return.

2.  Press CTRL+N to open the All Forms & Schedules, Depreciation screen.

3.  Double-click the business activity to open the Business Activity Asset window.

4.  Click New Asset.

5.  In the Description box, type a name for that asset.

6.  In the Date Placed in Service box, type the date the asset was placed in service.

7.  Select the appropriate Business Asset Class and click OK.

8.  On the General Tab screen, type the original cost or basis of the asset in the Original Cost or Basis box.

9.  If claiming the Section 179 deduction, type the amount elected for the Section 179 deduction in the Sec 179 Expense box.

10.  If the asset has prior year depreciation amounts, click the Depreciation tab on top and type the prior year depreciation in the Adjusted Depreciation box.

11.  Click Close.

12.  Click Return to List.

13.  Click Close.