Patricia,
Can you please verify if the following steps I selected in TurboTax are correct, regarding my previous question?
1. I clicked on Add an Asset
2. Selected Intangibles, Other Property
3. Under this asset, selected Other asset type.
4. Under "Tell us about this rental property."
I entered: "New Vinyl Fence."
Cost (the amount I paid): $9,800
Date purchased or acquired: 12/28/22
5. Have you used this item 100% for this business since you acquired it?
Selected "Yes"
Enter the date that you first started using it for business: 12/30/22
6. Select the asset class that is asset is a part of. If you need more information, refer to Publication 946 in "Help".
Asset class: "15 year"
7. Select the method you want to use to depreciate this asset.
Depreciation Method: "Straight Line"
8. How do you want to deduct this item?
Since this is the first year of business use the asset, you may deduct its full value this year or spread the
deduction over several years.
9. Select an Option:
I selected "I'll take the 100% special depreciation allowance."
Please verify if I made the correct choices for this asset.
Thank you in advance.
