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Business & farm
like section 179 you would have to go back and amend the original return. i am assuming TT is computing depreciation on the furniture which based on a 5 year life would mean it's used in residential real estate. office furniture has a 7 year life.
since neither 179 nor bonus were taken
1st year with 5 year life depr should be 20% of cost 7 year 14.29%. if 40% or more of the cost of the assets (other than property subject to mid-month convention) was put into service in the 4th quarter then depr is computed using the mid-quarter convention.
for additional info on depreciation see PUB 946
‎December 5, 2020
10:54 PM
1,849 Views