I have a partnership between a friend and I to develop a smartphone application. We paid a developer to work on the software and have been depreciating it yearly. However, we are closing the LLC and I am filing the final tax return for 2024. There is about $20k in residual value yet to be depreciated. My CPA (who only does my personal taxes), told me I should be able to accelerate the depreciation of the rest of the asset in the final year (2024) and take the remaining $20k deduction. However, turbotax business only allows me to deduct $4-5k which is what it calculates based on a 5 year depreciation cycle even though I indicated this is my final tax return. How do I change that? There doesn't seem to be a manual option.
