Anonymous
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Business & farm
if you set up the furniture as a depreciable item you should see the depreciation on form 4562 for the first year.
if you checked the box that it was economic stimulus property TT should have taken bonus depreciation equal to the full cost. you would see this on line 14 of form 4562. Thus you got the same deduction as taking section 179.
bonus is in my opinion better than 179. there is no business income or $ limitation
you are correct that Section 179 must be taken in the year the item is placed into service and not in a later year.
‎December 5, 2020
9:30 PM