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T
TheWisdom
Level 5
April 13, 2022
Question

Check This Entry

  • April 13, 2022
  • 1 reply
  • 3 views

What is this? What I should enter on the red blank?

 

1 reply

J
JamesG1
Level 15
April 13, 2022

Report 100% of the cost of the asset for each.

 

Bonus or special depreciation allows for 100% bonus "expensing" of assets that are new or used.  See TurboTax Help here.

 

The percentage of bonus depreciation phases down in 2023 to 80%, 2024 to 60%, 2025 to 40%, and 2026 to 20%. After 2026 there is no further bonus depreciation. 

 

This bonus "expensing" should not be confused with expensing under Code Section 179 which has entirely separate rules, see above.

 

All depreciable items are re-computed under the Alternate Minimum Tax rules.  

 

AMT special depreciation reports the depreciation under the Alternate Minimum Tax rules.

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    T
    TheWisdomAuthor
    Level 5
    April 13, 2022

    1. Is this for itemized deduction only? I already choose Standard deduction.

    2. Do I have to keep the purchase receipts to report it?

     

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