- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Go back though the asset entry for that refrigerator. The 5 year versus 7 year happens during that original asset entry in the TurboTax asset entry questions.
Use the Section 179 deduction or the 100% bonus depreciation if you are trying to write off the asset in the first year of use. Or, if the cost of the refrigerator isn't over $2,500, you can choose to just deduct it as an expense the first year. That choice is also offered by TurboTax when you start to enter the asset, and explained in IRS Publication 535 at this link.
The TurboTax article on Depreciation of Business Assets at this link provides a great overview of how assets are deducted for tax purposes, and may help you with your choice.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 17, 2020
11:23 AM