Why will the system not allow me to enter the special depreciation allowance deduction?

[layton2]

I am doing my 2020 tax return and I am trying to add the special depreciation of an asset that was entered on my 2019 return, but there is no section to do so. It only allows me to enter the 179 deduction, but the amount is not under that section on my 2019 return.  The total value was roughly $80k, and roughly $60k was entered under the spec. dep. all. ded. section.

[ColeenD3]

From IRS Pub 946: Special (Bonus) Depreciation:

Bonus depreciation is "a special depreciation allowance under IRS rules that allows you to recover part of the cost of qualified property, placed in service during the tax year. The allowance applies only for the first year you place the property in service. For qualified property placed in service in 2015, you can take an additional 50% special allowance. The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service."

The Special Depreciation Allowance gives you 50% of that deduction in the first year, then the other 50% is depreciated as usual.

TurboTax will offer this bonus depreciation during the asset interview sequence if your property qualifies for this special allowance. Because this type of depreciation can be "recaptured" as ordinary income when you sell the asset, taking this additional deduction is optional.

[matador27]

I had an asset placed in service in 2019, and I saved a PDF version of my return, with all forms and worksheets,  but cannot find anything related to the asset, although my Tax Data says it was transferred to my 2020 return.  It was transfered; however, Smart Check gave me an error saying I needed to enter my Special Depreciation Allowance.  I ended up entering 0 for that.

[StraightSh00ter357]

I entered some equipment purchases for my rental property as Special Depreciation Allowance deductions in prior years.

Intuit accepted the options I put in, but now I see that there was no depreciation reported for those purchases on the current AMT report. Do I have to file amended returns for all the years where those purchases occurred?

I also have a Section 179 election amount that was disallowed and is now a carryover to this year. I'm not going to be able to use it, as I don't have a profit this year. Is my only option to wait until there IS a profit, or do I have to file an amended return to put it on a regular depreciation basis.

[RobertB4444]

First, no you don't need to amend the returns for prior years.  AMT depreciation rules are different than regular depreciation rules.  Check out this article.

In order to remove the 179 deduction you do have to file an amended return for the year in which you placed the asset in service as well as all subsequent years.  

@StraighSh00ter357