Not deducting depreciation on tax return

[CAS77]

I have a simple question. I do not want to deduct the Sch C depreciation in 2021 extension. How is that done in TT? It is one small asset with a couple hundred depreciation.

[Critter-3]

If an asset is placed into service then you MUST depreciate it ... there is no option to "just not take it".  You can opt out of the Bonus depreciation to slow up the amount of depreciation taken this year.  

[VolvoGirl]

When did you buy the asset and place it in service?  How much was it?  Maybe you can enter it as an expense instead of depreciating it?  Why don't you want to depreciate it?  

[CAS77]

It is two assets and the deprec is a couple hundred dollars this year. I just am trying to limit the loss 

[rjs]

Why do you want to reduce your business loss? Are you trying to increase your AGI in order to claim or increase some other tax benefit? You can't do that. You have to claim all your legitimate business expenses and report your true business loss. This is particularly true if you qualify for the Earned Income Credit (EIC).

[Opus 17]

@CAS77 

The tax regulations require you to show your legitimate expenses including depreciation. Omitting expenses in order to show a profit or make your loss smaller can, in some cases, constitute tax fraud.

[CAS77]

I just wanted to know. Dont qualify for EIC.

[CAS77]

I just wanted to know. Dont qualify for EIC

[VolvoGirl]

And if or when you sell it or close the business you will have to recapture the depreciation you took or could have taken.  So you might as well take it each year.