Federal 2011: New Assets for Business Located Outside the U.S.
Taxpayers, who have businesses in foreign countries, may have different ways to depreciate those property assets than for businesses located in the U.S.
Certain customers, who had new assets for a business in a foreign country, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a 2011 federal tax return prior to January 12, 2012 AND
- You filed a Schedule C for a business you own outside of the United States AND
- The business has an asset that was placed in service in 2011.
If you are affected, you may have underpaid your taxes. You may need to amend your federal tax return. If your state return is affected, you may need to amend that tax return as well.