Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?
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bean1counter
New Member

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

 
5 Replies
Critter
Level 15

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

"shed"  ?    If you mean a building then the 50% bonus depr is not allowed on them.   <a rel="nofollow" target="_blank" href="http://www.nolo.com/legal-encyclopedia/50-bonus-depreciation-likely-extended-2014.html">http://www.n...>
SweetieJean
Level 15

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

Critter
Level 15

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

Ok ...then you must choose the correct section to get the bonus depreciation... just tested it & it works fine but READ every screen or you will miss the election ...

bean1counter
New Member

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

That option does not appear on my screens.  Are you in the individual or business program?  After going in circles again I got it to work.  Had to enter the building information again and then go back and change it to farm...that seemed to work.
Critter
Level 15

Why will Turbo Tax Business not allow 50% bonus depreciation on a new machine shed erected by a farm corporation?

Oh sorry ... I am in the SE version ... however you should have the same options.
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