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Business & farm
Are you using TurboTax Business? If so, is this for an asset used in a trade or business or in conjunction with rental real estate?
For an asset used in a business, it is tricky. First, you need to start the Business property/assets section (under Dispose of Business Property). On the following screen, you have to indicate that you disposed of an asset (even though you did not) and then you will have to add an asset.
After you have added an asset, you have to select Spread the deduction over several years and then Continue. On the next screen, you will be asked if you want to claim the special depreciation allowance (bonus depreciation).
‎July 9, 2022
12:50 PM