I put a new roof on a commercial building that my trust owns and rents to others. I want to take a Section179 deduction for it, but I can't find the way to make Turbotax Business (Partnerships, Corporations, LLCs, Trusts & Estates) give it to me. When I enter the asset (the roof), answering the questions with what I think are the correct answers just results in a depreciation deduction amortized for 39 years.
And I found the answer to my own question by reading the IRS instructions for form 4562. This tax return is for a trust. Trusts and estates are not eligible for 179 deductions. I wish the step-by-step screens had made this clear so I wasn't left scratching my head about why I couldn't do it. I really hate it when I have to read the instructions.
Also, I think the other replier was using a different version of Turbotax than I am (mine is the business one for partnerships, corporations, LLCs, and trusts & estates, not the Home and Business version), so the question screens don't match. I still appreciate the effort.
Hope this helps someone else.
When you go through the asset entry screens, you need to indicate that you entered a roof on the screen that says Tell Us a Little more (about the asset you are entering)
On the screen that says How Do You Want to Deduct this item? You need to choose Deduct all or part this year, then you will be able to enter the Section 179 deduction you want for the current year.
Thanks for the reply. The sequence I go through is
1. On the "describe this asset" page I select "Rental Real Estate Property".
2. On the next page, "Tell us a little more," I select the bullet for the one that says, "Nonresidential Real Estate" which has an explanation of "Office Building, warehouse, factory, hotel, bed-and-breakfast. Replacing (instead of repairing the following: flooring, roof, heating system, electrical wiring, plumbing, central air conditioning, windows".
3. On the next page, "How Much Did This Asset Cost?" there are only two entries, one for amount paid for the asset, which I fill in, and one for the value of land included ($0 in my case).
4. The next page, "Your Asset Summary" is the asset summary showing the depreciation for this year, the cost/basis, etc. And that's the end of the entry process, the next page after Continue is the Rental Asset Summary, so no opportunity is offered to say how I want to deduct the asset.
I must be making an erroneous choice at some point, but I sure can't see where it might be.
And I found the answer to my own question by reading the IRS instructions for form 4562. This tax return is for a trust. Trusts and estates are not eligible for 179 deductions. I wish the step-by-step screens had made this clear so I wasn't left scratching my head about why I couldn't do it. I really hate it when I have to read the instructions.
Also, I think the other replier was using a different version of Turbotax than I am (mine is the business one for partnerships, corporations, LLCs, and trusts & estates, not the Home and Business version), so the question screens don't match. I still appreciate the effort.
Hope this helps someone else.