topic 100% Bonus depreciation for assets in prior years in Business & farm

100% Bonus depreciation for assets in prior years

JerryR — Fri, 07 Feb 2020 17:39:42 GMT

In previous years I have had a CPA do my business taxes and this year I am trying to use TurboTax Business 2019. There were 2 assets (computing equipment) entered into service on 10/09/17 and 11/15/17 where the accountant took a 100% depreciation using the bonus depreciation rather than section 179. (There was also an asset, also computing equipment, put in service on 1/13/17 that used Section 179.) I am now trying to enter the assets with the 100% bonus depreciation into TurboTax.

It seems if I say that section 179 was not used, it only allows me the option of specifying a special depreciation allowance of 50% of cost was applied, not the 100% bonus depreciation.

How do I do this?

Re: 100% Bonus depreciation for assets in prior years

Anonymous_ — Fri, 07 Feb 2020 17:59:45 GMT

You can change this result by entering Forms Mode and then entering the full allowance directly on the Federal Asset Entry Worksheet (Asset Entry Wks).

Also, indicate that the property was placed in service after September 27, 2017 on the worksheet.

Re: 100% Bonus depreciation for assets in prior years

JerryR — Fri, 07 Feb 2020 21:45:36 GMT

Thank you