I am not sure how to enter the following transaction in TurboTax Home & Business 2019 (DOWNLOAD):
TurboTax Advantage member.
Scenario: Self-employed business
Purchased a piece of equipment that qualifies for Disabled Access Tax Credit (IRS Sec. 44).
Purchase price (includes tax and shipping) - $11,500
1) Is the Disabled Access Tax Credit still valid for 2019 under the new tax laws?
2) Is Form 8826 still used to claim the tax credit? If so, where is this form in TT H&B 2019?
3) Normally, for a fixed-asset purchase, I would enter the asset in TT H&B and then Section 179 to depreciate the entire amount in the year purchased. If I used the Disabled Access Tax Credit -- how do I enter the asset in the Fixed Asset schedule in TT and what amounts do I use?
Purchase price (tax and shipping included): $11,500
Excludable amount: - 250
Allowable expenditure: 11,250
Max allowable expenditure: 10,250
50% Disabled Access calc: 5,125
MAXIMUM DISABLED ACCESS CREDIT ALLOWED 5,000
If I understand the Disabled Access Credit, using the above scenario, I should be able to take a Disabled Access credit $5,000 deduction.
Since the equipment cost exceeds this credit, what amounts do I enter in TT H&B to record the asset purchase and use Section 179 for business property expensing?