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Get your taxes done using TurboTax
Thank you for your response but I have another question; I posted all the sub-$2500 properly on line 19 and moved on to the improvement. In the asset summary I added an asset for each of the improvements and elected the 80% bonus depreciation. TT accepted my entries and provided the correct deduction of 80% in-spite of total expenses for the year being well above the $10000 limitation.
Should I accept that (preferable) or create an asset to be deducted over 5 year?
Thanks,
Spichon
‎February 2, 2024
11:09 AM