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Partnership Form 1065 and Bonus Depreciation

Forum|Forum|3 years ago
July 9, 2022
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Has anyone figured out where you enter in the bonus depreciation on I assume form 1065? I have my cost segregation study in hand and have the breakdown of 5, 15, and 39 yr depreciation, but I want to ensure I am getting credit for the 1st year bonus depreciation (5 and 15 yr property) appropriately.

Note: Not a Section 179 situation.

TurboTax Business Windows

Best answer by Anonymous_

Are you using TurboTax Business? If so, is this for an asset used in a trade or business or in conjunction with rental real estate?

For an asset used in a business, it is tricky. First, you need to start the Business property/assets section (under Dispose of Business Property). On the following screen, you have to indicate that you disposed of an asset (even though you did not) and then you will have to add an asset.

After you have added an asset, you have to select Spread the deduction over several years and then Continue. On the next screen, you will be asked if you want to claim the special depreciation allowance (bonus depreciation).

A

Anonymous_Answer

Employee

Are you using TurboTax Business? If so, is this for an asset used in a trade or business or in conjunction with rental real estate?

For an asset used in a business, it is tricky. First, you need to start the Business property/assets section (under Dispose of Business Property). On the following screen, you have to indicate that you disposed of an asset (even though you did not) and then you will have to add an asset.

After you have added an asset, you have to select Spread the deduction over several years and then Continue. On the next screen, you will be asked if you want to claim the special depreciation allowance (bonus depreciation).