- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 13, 2023
2:35 PM