I bought furniture for my home office and want to claim the bonus depreciation. Where do I enter this? Are there other forms to be completed for this?

[ColeenD3]

After you enter the set-up information, income and expenses, the last section will be depreciation. You do not depreciate these assets in the Home Office section. You would depreciate them like any other asset. Since they are in your office, they should be 100% business use.

[NIVE46]

Thank you!  Will end up using an accountant as it's getting too complicated with lots of other things to claim.

[Hoggett]

Given the evolving nature of tax laws, it's crucial to reach out to a tax professional or consult the latest IRS guidelines to ensure you're following the correct procedures for claiming bonus depreciation on your home office furniture.
With the passage of time, tax rules can become more intricate, and there might be new provisions or adjustments to consider. By seeking current guidance, you can make the most informed decisions regarding your tax benefits.
For additional insights and the latest updates on this matter, you can click to read more here. They might have fresh information and valuable tips to help you navigate the intricacies of claiming depreciation for your home office setup.

[ThomasM125]

If you are self-employed you can deduct the cost of furniture you use for your office, assuming the office qualifies (space used regularly and exclusively for your business). If your office furniture costs less then $2,500, you can deduct it as an expense without bothering with depreciation. You will see an option for that when you work through the asset entry screens in TurboTax. Otherwise, you will be asked if you want to use the bonus or section 179 expensing options. Section 179 may allow you to deduct 100% of the cost in the current year, subject to a limit based on your net business income. With Bonus depreciation, you are allowed up to 80% of the cost of the asset put into service in 2023.