- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
First, I would concentrate on completing the 2021 tax returns.
Then, if time permits, add the 2018 and 2019 back into your Federal tax return. Be careful with the dates and the 179 deduction entry.
After entering each asset, go through Federal Review and see whether there are any changes to the bottom line of either your Federal or state tax return. I do not expect that to be the case but you want to be sure.
The IRS should be pleased that you are trying to report correctly but maintain a record of what you did should the IRS inquire.
There is a small possibility that the Qualified Business Income Deduction is affected by the change in your business assets. The unadjusted basis of your business property (UBIA) captures the total of business property purchases for the last ten years and uses that number in the computation of the QBID.
I recommend that you not delete any assets, even after the assets are fully depreciated or after the assets are disposed of or sold.
**Mark the post that answers your question by clicking on "Mark as Best Answer"