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Level 1
posted Jan 12, 2021 5:02:39 PM

Bonus depreciation- how can i change elction?

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?

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1 Best answer
Level 12
Jan 12, 2021 5:33:34 PM

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

2 Replies
Level 12
Jan 12, 2021 5:33:34 PM

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

Level 1
Jan 13, 2021 8:52:41 AM

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.