I'm using Turbo Tax Home and Business. When inputting assets to depreciate from the home office, the program didn't ask if I wanted to use the 100% depreciation option allowed under Special Depreciation. When Turbo Tax reviewed the return at the end, it asked me to fill-in the Special Depreciation Allowance box on the form but offered no guidance as to what I might input - just a blinking space to fill in. I tried inputting the full cost of the item but the tax bill went up, not down as one would expect. Is this a program glitch? Bottom line - how do I take advantage of special depreciation this year? Thanks.
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any asset entered under home office (form 8829) has an automatic 39 year life and bonus is not allowed. the HO is stricly meant for the home and any improvements . for equipment used in home office list under asset entry worksheet.
Thanks! Does that mean I need to eliminate the asset entries from the home office section and enter them manually at the asset entry worksheet? I've never made manual adjustments in Turbo Tax before so it's a little out of my league. Thanks.
YES ... delete the assets entered in the wrong place and enter them in the correct section ... they cannot simply be moved.
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