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AMT Special Depreciation Allowanc

Never checked any Special Depreciation Allowance on my assets.Upon review, TurboTax is asking me for amounts.
One of the experts suggested to remove the form.
"The SDA goes on Form 4562. If you don't want to take it, you can remove the form."
I dremoved the form and the Fed eview comes back with the same issue.

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1 Reply
ThomasM125
Employee Tax Expert

AMT Special Depreciation Allowanc

Special depreciation is an expense allowance you take on assets you purchased that allows you to deduct a large portion of all of the cost of the asset in the year you put it into service in your business. If you never took any special depreciation, then the allowance amount would be $0, so you can enter that when requested in TurboTax.

 

Also, you may need to go back and edit the asset entry you did in TurboTax. You may see an option to take the special depreciation on the screen that says "How Do You Want to Deduct this Item?" If so, you can uncheck that box and that may resolve your issue.

 

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