How do I put Bonus Depreciation

[tina160]

Hi, 

I bought TurboTax Business 2023.

I have a rental property and I did some remodeling in 2023. I tried to add some assets that can be depreciation within 20 years to use "Bouns Depreciation". For example, kitchen cabinets, and carpet. Could anyone help me with that?

ps. I don't want to use the Section 179 deduction cause it's limited to "net business income". I searched the community but couldn't find the solution. Please help!!

Thanks.

[PatriciaV]

When you enter a new asset under Assets/Depreciation in TurboTax Business, you will be asked 1) if you want to spread the deduction over several years or 2) expense some or all of the cost this year (Section 179). 

If you choose to spread the deduction over several years, the next page "Special Depreciation Allowance" asks if you wish to use this deduction. If you say "yes," 80% of the cost will be expensed in the current year and the balance will be depreciated over the remaining useful life. The page "Your Asset Summary" displays this information at the end of the asset entry topic.