We do have a profit this year so I'd like to take the special depreciation this year but I'm not able to figure out how to do that in TurboTax? Here is what I tried:
- Clicked + to add a new asset
- Picked "Rental Real Estate Property"
- Picked "Residential Real Estate"
- Filled out the next screen "Tell Us about this Rental Asset" - HVAC, cost $3,300, date acquired 8/25/2020
- Filled out the next screen "Tell Us more about this Rental Asset" - checked purchased new, %100 business placed in service 8/25/2020
- Clicked continue and TurboTax calculated $45 in depreciation.
I never got a screen with an option to pick bonus depreciation. If at step c. I pick "Appliances, carpets and furniture" then I can get to the screen that allows me to pick bonus depreciation but "Appliances, carpets and furniture" appears to be for 5 year assets, not 27.5 year assets.
What steps should I be taking to pick bonus deprecation for a 27.5 year asset like an HVAC that costs $3,300?
