turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TODAY!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

What should I enter for the special depreciation allowance for an iPhone listed as a business asset?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PatriciaV
Expert Alumni

What should I enter for the special depreciation allowance for an iPhone listed as a business asset?

You can claim up to 80% of the cost of a business asset under Special Depreciation. 

 

Or you can take the Safe Harbor Election and report the entire amount as a business expense. For this option, look for the question at the beginning of the Assets/Depreciation section, "Do you want to go directly to your asset summary?" Click no to review/change your answers to the annual election questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PatriciaV
Expert Alumni

What should I enter for the special depreciation allowance for an iPhone listed as a business asset?

You can claim up to 80% of the cost of a business asset under Special Depreciation. 

 

Or you can take the Safe Harbor Election and report the entire amount as a business expense. For this option, look for the question at the beginning of the Assets/Depreciation section, "Do you want to go directly to your asset summary?" Click no to review/change your answers to the annual election questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies