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I have a client who is an S Corp and they purchased 3 brand new heavy SUVs that are over the 6,000 pound gross weight. They qualify for the first year bonus depreciation, however, when I input the amount as the section 179 deduction it says the amount is too high. Is there another box I need to check to take the full amount? I have it entered as an Asset Entry.
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Sec179 and 100% Bonus depreciation are two different things.
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Do you happen to know how to elect 100% First-Year Bonus Depreciation?
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If you check YES box for Qualified Property it should automatically take the 100% Bonus depr
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It's not an election. It's mandatory unless you elect out.
The more I know the more I don’t know.
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Some states do not conform to the Federal depreciation/sect 179 rules so you may want to check the state rules to see if you will have a federal/state depreciation difference
