topic IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election? in Deductions & credits

IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election?

profjoed — Tue, 04 Jun 2019 01:49:04 GMT

Re: IRC168(k)(7) Special Depreciation Allowance - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election? I just filed (via allotted Extension) my 2018 Tax Return & as I printed-out the entire filing, saw a page with that info on it? Thank you.

When you entered an "asset" for depreciation, the program...

TaxGuyBill — Tue, 04 Jun 2019 01:49:06 GMT

When you entered an "asset" for depreciation, the program would have asked you if you want to take the full deduction this year, or spread the deduction over several years. If you said you wanted to spread the deduction over several years, that is what the "Election Out" means.

Once you elect out for a class of property, you cannot re...

Anonymous — Tue, 04 Jun 2019 01:49:07 GMT

Once you elect out for a class of property, you cannot revoke the election without IRS consent. A request to revoke the election is done through a request for a letter ruling. In most cases you have to pay a substantial fee and there is no guarantee that the IRS will approve your request.

https://www.irs.gov/irb/2018-01_IRB#RP-2018-1

Re: When you entered an "asset" for depreciation, the program...

RUBYFSALDIVAS — Tue, 14 Apr 2020 18:16:50 GMT

What does this mean I did not enter any asset I don't own any property, Does this mean I will not get the stimulus check

Re: IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election?

Jennyzeldazebra — Sat, 18 Apr 2020 17:41:43 GMT

I need to know this as well

Re: When you entered an "asset" for depreciation, the program...

AmeliesUncle — Sun, 19 Apr 2020 01:01:17 GMT

That election has absolutely NO effect on stimulus checks.

Re: When you entered an "asset" for depreciation, the program...

yvh — Wed, 15 Jul 2020 01:51:49 GMT

I selected that I wanted it for 1 year Not spread out and it still gave me this same form.

Why? My appliances met all of the qualifications and the depreciation appears to be correcton on form 4562.

So why did it print this form that it says to attach to my return?

Re: When you entered an "asset" for depreciation, the program...

Lj2020 — Wed, 28 Oct 2020 06:50:00 GMT

I have the same question. I never picked I wanted to depreciate my assets over time. However some previous years assets that are still depreciating are over time, but I did not elect to change any to now take 100% this year.

Re: When you entered an "asset" for depreciation, the program...

Anonymous_ — Wed, 28 Oct 2020 13:03:35 GMT

TurboTax will attach the Section 1.263(a)-1(f) De Minimis Safe Harbor Election Form automatically if you make that election in the program.

Re: When you entered an "asset" for depreciation, the program...

Lj2020 — Mon, 02 Nov 2020 04:32:38 GMT

I did not. choose to opt OUT but TT DELUXE has the YES boxes checked. How do I change the boxes to NO?

Re: Once you elect out for a class of property, you cannot re...

Lj2020 — Mon, 02 Nov 2020 04:37:13 GMT

I did not. choose to opt OUT but TT DELUXE has the YES boxes checked. How do I change the boxes to NO?

Re: When you entered an "asset" for depreciation, the program...

Lj2020 — Mon, 02 Nov 2020 05:32:19 GMT

I did not. choose to opt OUT but TT DELUXE has the YES boxes checked. How do I change the boxes to NO?

I did not choose to depreciate over time but to expense it this year

Re: When you entered an "asset" for depreciation, the program...

Anonymous_ — Mon, 02 Nov 2020 13:58:33 GMT

You check the "Yes" box as to whether or not you have assets that cost $2,500 or less (i.e., you opt in).

Re: When you entered an "asset" for depreciation, the program...

Lj2020 — Mon, 02 Nov 2020 22:07:05 GMT

So in Easy Step if I choose to expense my assets rather than Depreciation over Time it means I don't opt out of taking sec 179, which would be NO in the box, but my boxes are marked YES and I can't change them to NO

Re: When you entered an "asset" for depreciation, the program...

Anonymous_ — Mon, 02 Nov 2020 22:32:02 GMT

In which part of the program are you entering the assets?

I presume it is Schedule C for your business (sole proprietorship).

Did you make the De Minimis Safe Harbor Election election or Section 179?

topic IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) &amp; if not intended, how to undo said election? in Deductions & credits

IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election?

When you entered an "asset" for depreciation, the program...

Once you elect out for a class of property, you cannot re...

Re: When you entered an "asset" for depreciation, the program...

Re: IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election?

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: Once you elect out for a class of property, you cannot re...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

Re: When you entered an "asset" for depreciation, the program...

topic IRC168(k)(7) Spec. Deprec. Allow. - What does Election Out of Qualified Economic Stimulus Property mean (re: 7-yr. property) & if not intended, how to undo said election? in Deductions & credits