DianeW777
Expert Alumni

Deductions & credits

It depends.  If the business use is 51% or more then you can use the maximum allowed which is 200% declining balance using the half year convention.  This is the accelerated depreciation under the GDS.

 

TurboTax will calculate that when the correct options are selected.

  • Select Tools, Machinery, Equipment, Furniture on the Describe this asset screen when adding a new asset for your business.  TurboTax knows this is seven year property.
  • See the image below.... Sounds like a fascinating business.

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