Depreciation

[kmsharrow]

I have several small assets (carpet, appliances, etc.) for rental property that I would like to depreciate.  Turbotax is automatically electing to expense these purchases, how do I avoid this default special depreciation expense?

[tagteam]

TurboTax will not expense small assets (under $2,500) automatically; you have to select that option.

Further, the assets/depreciation section of Home & Business is not yet complete. Are you using the 2023 edition?

[kmsharrow]

I am using Home and Biz 2022 as I have not yet filed for 2022.  I would like to depreciate my small assets, but the program is automatically expensing the entire asset under special depreciation.  I have changed them to "other assets" and chosen straight line 5 year depreciation, but the program continues to expense the full amount.

[tagteam]

Again, the program does not do that automatically; it asks you if you have assets that cost $2,500 or less.

You must have answered that question in the affirmative and, regardless, the program would not expense the assets automatically; you have to enter the figures manually in Expenses.

[kmsharrow]

I have answered "No" to the question you referred to and entered the small assets manually under "other assets" with a 5 year, straight line depreciation schedule.  It is still defaulting to special depreciation, the program only asked whether I wanted to take the special depreciation expense when I entered laptop under another rental property that is commercial.  This property is a multi-family residential until.  Please see screenshots here below. Question re assets under $2500, "NO"Improvements as expenses question "NO"  

[tagteam]

I have no explanation for that behavior so you might want to contact Support. However, the program should not automatically select bonus depreciation either.

How do I contact TurboTax? (intuit.com)