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How to make the special depreciation allowance take 50% rather than 30% or 80%?

When entering a new asset purchased in 2023, the special depreciation allowance is forcing either 30% or 80%.  I want to take only 50%.  How can I set the options to elect 50% allowance?
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3 Replies
KrisD15
Expert Alumni

How to make the special depreciation allowance take 50% rather than 30% or 80%?

There is an option to select "Intangibles, Other property" on the "Describe This Asset" screen 

Then select "Other asset type" on the "Tell Us a Little More" screen

 

Entering the asset this way allows you to select the asset type and depreciation method. 

This procedure should only be utilized if you do not need guidance from the program. 

 

In TurboTax, you would enter the 50% option as a partial Section 179 election. 

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How to make the special depreciation allowance take 50% rather than 30% or 80%?

Thanks for your response.   I've used TTax for many years and am comfortable with the asset worksheet and normally don't have problems with the depr options.   In this case, I can't utilize the Section 179 option, but do need / can utilize the special allowance since it's not limited by the income like Section 179 is.   The TTax worksheet indicates we can choose 30%, 50% or 80%.   I've used each successfully in past years.  BUT this year No matter how I select the combination of option boxes, it's taking either 30% or 80%.   Is there a way to get it to take 50% instead?   Thanks 

CatinaT1
Employee Tax Expert

How to make the special depreciation allowance take 50% rather than 30% or 80%?

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