Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
tagteam
Level 15

Where do I input Section 181 deduction in Turbo Tax Business?

 
1 Best answer

Accepted Solutions
tagteam
Level 15

Where do I input Section 181 deduction in Turbo Tax Business?

There is nowhere in the program to input the deduction nor is there a standard election form contained in the program. 

 

Rather, you would add a Miscellaneous Statement or Additional Information sheet in Forms Mode and then follow the manner for making the election set forth in the Treasury Regulations (link below).

 

Treas. Reg. §1.181-2(c) --> https://www.law.cornell.edu/cfr/text/26/1.181-2

View solution in original post

1 Reply
tagteam
Level 15

Where do I input Section 181 deduction in Turbo Tax Business?

There is nowhere in the program to input the deduction nor is there a standard election form contained in the program. 

 

Rather, you would add a Miscellaneous Statement or Additional Information sheet in Forms Mode and then follow the manner for making the election set forth in the Treasury Regulations (link below).

 

Treas. Reg. §1.181-2(c) --> https://www.law.cornell.edu/cfr/text/26/1.181-2

Dynamic AdsDynamic Ads
Privacy Settings
v