In TurboTax Online Premier version, I was able to enter two asset purchases (not vehicles) reported as five year depreciable properties.
For one asset I claimed 100% special depreciation and for the second asset I claimed 200 decline balance depreciation over five years.
The statement that is included in the tax return printout states:
Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the following asset classes placed in service during the tax year ending 12/31/2021.
Is this the statement that you are seeing? 168(k)(7) allows a taxpayer to elect not to deduct additional first year depreciation for all qualified property that is in the same class of property and placed in service by the taxpayer in the same tax year (Code Sec. 168(k)(7) election). This statement is discussed here.
In my tax return, I am able to electronically file. Are you experiencing any error messages that will not allow you to electronically file?
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