MarilynG1
Expert Alumni

Get your taxes done using TurboTax

This could be a data migration error, as you mention. Or, you may want to review any entries pertaining to this asset in your return.

 

Can you check the Yes box directly on the Federal Asset Entry Worksheet in FORMS mode?

 

Qualified property for Economic Stimulus is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).


Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.

 

  • Equipment (machines, etc.) purchased for business use
  • Tangible personal property used in business
  • Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)
  • Computers
  • Computer "Off-the-Shelf" Software
  • Office Furniture
  • Office Equipment
  • Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
  • Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).

 

@Xxjmonstercxx 

 

 

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