I have a leasing business that I've structured so that every asset is depreciable. Haven't run into this in prior years, but this year every asset has an error. It's identified as Qualified Property for Economic Stimulus purposes, and TurboTax uses my purchase date as the date placed in service, but because it doesn't also populate the Date acquired field, I have to go to the form to check the "yes" box for "was this property acquired after 9/27/17".
What did I miss? Did something change this year? I can provide screenshot if it would help.
No, it's not a change for 2022. The bonus depreciation changed for assets placed in service after that date (09/27/2017).
As long as you check the box for each asset you should be able to complete your tax return rather than reloading it into your 2022 TurboTax return.
It's always a good idea to clear your cache and cookies on a regular basis, it may not clear this issue at this point, however I can attest to the usefulness. It handles many issues that seem nonsensical on a regular basis.
Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.
My issue is that I enter all the information asked for each asset in step-by-step, but doing so leaves me with an error on each asset such that I have to open Forms for each. Although the requested info in step-by-step is acquisition date, TurboTax uses that information to populate the "placed in service" field. This causes an error and when I open Forms, the acquisition date field is blank.
I can clear that error by either populating the acquisition date field (with the same date as TurboTax mistakenly put in "placed in service field), or by checking the "yes" box in "was this property acquired after 09/27/2017". It appears to me that TurboTax had done that (checked "yes") last year because I didn't have these errors last year, and last year's assets have he "yes" box checked.
If TurboTax had simply populated the acquisition date field rather than the placed in service field (or both), or automatically checked "yes", I wouldn't have an error. That error means that, for each asset (and I have over 300 new assets this year), I have to enter all the information in step-by-step, then open Forms to correct the error.
So, while there hasn't been a change in the tax law, my question is really... has there been a change in TurboTax?