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Deductions & credits
The Bonus Depreciation is called Special Depreciation in TurboTax. It is at the bottom of a screen entitled "How much do you want to deduct for the business use of this vehicle?" You can input 25,000 of Section 179 Deduction on this screen, or you can elect to take Special Depreciation instead. The Special Depreciation on a Heavy SUV is 100%, which means that if the vehicle was more than 25,000, through Bonus Depreciation you may deduct the entire amount if you wish. There is also a provision, if you have not used this 100% Special Depreciation before, that you can elect to take 50% instead. That would require mailing in a statement to specifically claim this amount.
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‎June 4, 2019
8:15 PM