I have 5 properties I own and manage and purchased a 6,000+ lb SUV and utility trailer in 2020 specifically in support of that business. I understand I can either take bonus depreciation or Section 179 to depreciate the entire expense in the year 2020. However, I can't figure out how to make that happen in TurboTax Premier. Please help...
Thanks!
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Follow the steps below to get to the area you need. You will have to apply the questions to the vehicle.
Improvements, furnishings, and other assets
Examples:
Tools, Machinery, Equipment, Furniture
Equipment used in business, expensive tools, aircraft, musical instruments
Desk, bookcase, chair, file cabinet
Trailers and trailer-mounted containers
Thanks for your response. I'm not sure I entirely follow your instruction. Is this for TurboTax Premier?
Thanks again!
I have the same question as the OP. How do I depreciate a section 179 SUV over multiple rental properties? Thanks!
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