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State tax filing
Since the 'Depreciation and Amortization' step-by-step function does not work in the 2021 Home & Business desktop application, the De Minimis selection is NOT POSSIBLE to take for TurboTax users.
You have three choices:
- See if the item can be depreciated at 100% under Special Depreciation rules (federal Job Creation Act...does not apply for all state income tax returns, though)
- Depreciate the item normally (in its class, etc.)
- Use a different tax preparation software to use the simpler and more advantageous de minimis selection.
Very sad state of affairs.
March 27, 2022
11:28 AM