The special depreciation allowance or bonus depreciation rules allow for 100% bonus "expensing" of assets that are new or used.
If the asset qualifies for the special depreciation allowance or bonus depreciation, you will be given that option as you establish the asset in the Asset Summary.
In TurboTax Online Self-Employed, follow these steps.
- Click on Federal down the left hand side of the screen.
- Click on Income & Expenses across the top of the screen.
- Under Your income and expenses you will find Self-employment income and expenses.
- Click on Edit / Add to the right.
- Click on Edit to the right of the activity at the screen Your 2020 self-employed work summary.
Add an asset and answer the various questions about the asset costs, dates and use.
- If the asset qualifies for the special depreciation allowance, click the option I'll take the 100% special depreciation allowance at the screen How do you want to deduct this item?
- At the screen Asset Summary, click Show Details. You will see the notation special depreciation allowance at the bottom of the screen.
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