I'm a tad confused about asset deductions being spread over several years.
For instance I purchased a laptop for $2386 in 2021. I elected to spread it over several years but don't remember exactly the option I selected. When I click on the option that shows me more details about it
I see:
Your 2024 estimated expense for this asset is $163.
Years to fully depreciate: 5
MACRS Convention: MQ
Depreciation Method: 200DB
Special Deductions
Section 179: $1193
Special Depreciation Allowance: 0
My questions are:
What is the dollar amount that I am able to apply to my 2024 taxes?
Do I have to enter this amount somewhere manually or does TurboTax automatically apply this amount somewhere?
I'm new to using TurboTax so I'm learning as I go.
Thanks in advance!
