Hi, I did a cost segregation study, so there is accelerated deprecation. Can you please advise how to reflect the accelerated depreciation in the TurboTax system?

[nguyenmi2006]

Can you please help me how to get that 100% bonus cost segaration to 2022 Tax Turbo? 

[MG-FL]

@kingcyrus1  and @nguyenmi2006  when you add asset in the depreciation section, you need to choose the category - Furnishing, equipment etc. OR land or Building improvements. Based on the category TT classifies the deprecation to 5, 7, 15 or 39 years.

Note as per previous posts you can do this only if this is a new property you purchased in 2022. 

[nguyenmi2006]

How can I file on Turbo Tax my cost segregativo? What form? 

[PatriciaV]

It depends on what business owns the assets. You may have business assets on Schedule C or rental assets on Schedule E. However, TurboTax does not support cost segregation of assets for depreciation. See the post by RobertB4444 above for instructions on how to manually enter this in TurboTax under Assets/Depreciation.

The easiest way to find any section of TurboTax for Desktop is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in the Schedule (C or E) you need, hit Enter, and click the "jump to" link to go directly to beginning of that topic.

In TurboTax Online, go to Tax Tools in the left column >> Tools >> Topic Search. Type in your topic, click the topic in the list and then GO to go directly to the start of that section.

@nguyenmi2006 

[loripetera]

So, did you ever find out that TurboTax is capable of using Cost Segregation?  I paid to have it done and it looks like it will be wonderful, but I cannot figure out how to do it on Turbo Tax. (Yes, I have filed an extension but am thinking I am now going to have to hire an accountant?)

[AmeliesUncle]

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@loripetera wrote:

So, did you ever find out that TurboTax is capable of using Cost Segregation?  

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Cost segregation just take one asset (everything) and separates it out into many smaller assets.

So for the tax return, just do that - enter each asset separately, rather than one big asset.

[MG-FL]

Yes. I used desktop edition. Basically delete the default depreciation and enter each cost segregation items individually (5, 7 and 15 yr)