Five-Year Property Depreciation

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@fill wrote:

I am getting Flagged With a "Let's Check Your Five-Year Property Depreciation." I have new four assets I am depreciating: two under a special depreciation and two under a regular depreciation. The flag says "this means you must either take special depreciation or elect to take regular depreciation on all the assets."

 

I cannot find this in the IRS tax code. I consulted a CPA and she says this defeats the purpose of the special depreciation. I concur.

 

I have never had this occur before, as I have always mixed regular depreciation and special depreciation in the last few years.

 

To Turbotax If you are going to make the statement: "The IRS says you must treat all stimulus five-year assets the same", you need to be more specific and cite the specific tax code that underlays the IRS' opinion.

 

I have not yet filed, but it would be helpful to know if this is going to stop me from filing.

 

   

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The program is correct.

If you elect out of Special Depreciation, that applies to ALL assets of that category/class (5 year, 7 year, etc.).

If you "mixed" things of the same category/class (5 year, 7 year, etc.) in prior years, your prior tax returns are wrong.