Bonus depreciation- how can i change elction?

[bob130]

Turbotax is not doing this correctly. based on asset life. Now I have some 5 year and other 15 year assets getting and not getting the proper depreciation treatment.  Do I need to delete everything and restart?

[M-MTax · Accepted solution]

Do you want to elect bonus or do you want to depreciate over the life of the items?

[bob130]

I solved the problem. You need to go to forms, then to form 4562. Pick each asset and select appropriate y/n in Elect OUT of special Depreciation Allowance. The step by step is broken since if you say no to any asset it applies that answer to all other assets. I thought that I read you needed to treat all assets with the same life the same way, but if anyone can verify that would be much appreciated.