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Deductions & credits
Section 179 is addressed in the interview questions about the particular asset. It asks if you would like to expense the item or take bonus depreciation etc.
Go back into the Section to claim assets then select the item to review.
You have not provided enough details about the item and what and how you want to override. So here is a generic answer that might assist with your issue. If not contact us again with details about your situation.
Use this information to make the proper election for the depreciation.
Now regarding assets.
- After checking assets, taxes and licenses, and other expenses related to your work, press continue on the bottom of the page. The next screen will list all of expenses you chosen so let's begin assets.
- Answer the question in the first screen until you get to a screen that asks Did you buy any items for any business, rental property and/or farm that cost $2,500 or less in 2020? if you wish to expense your phone rather than depreciate it, you will say yes.
- Then the next screen will ask you questions like if you wish to use this election yearly, here you will say yes or no.
- Now if you wish to take the 179 deduction rather than expense the item, you would say no to the questions in #2 above.
- You will enter the information that this item and then it will ask you the purchase date, cost, and all other relevant information.
- The next screen will ask if you use this 100% for business, here will say no and you will enter the date you started using it and the percentage of time you used it for business.
- You will navigate over the next few screens until you come to a page that asks How Do You Want to Deduct this Item?
- Here is where you will select I'll deduct the full value of the item this year. (Take the Section 179 deduction) Note there are other options to take also.
- if you reported your information correctly, the amount of your 179 deduction is the same as your expensed percentage.
@Lynn39
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‎April 11, 2022
11:25 AM