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Deductions & credits
That is what I understand after lots of readings. In 2024, only the 20% of expense can be depreciated according 200 DB-HY. The excess amount (80% of expense claimed for bonus depreciated - $20,200) can only be deduced till year 7. It would be helpful if TurboTax could provide a comprehensive view of the depreciation over the entire recoverable period, rather than just focusing on the deduction for the first year. Unfortunately, TurboTax didn’t do a good job with this. We're stuck, and it’s frustrating! I've used TurboTax for years, and now I’m not sure how much I can trust it going forward.
March 23, 2025
3:58 PM