Bonus versus 179

Forum|Forum|6 years ago
December 7, 2019
2 replies
7 views

My understanding is that electing out bonus in 2018 has to apply to all classes of newly added assets but I can elect 179 on an asset by asset basis. I want to cherry pick which assets I take extra depreciation on but I cannot tell if Lacerte is taking 179 or Bonus

Lacerte Tax

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Best answer by sjrcpa

If you do no special entry in Lacerte, you'll get bonus depreciation. If you want §179 you have to enter the dollar amount in the 179 field. Look at the 4562 and depreciation schedule for more info.

T

TaxGuyBill

Level 15

I'll let a Lacertian answer your actual questions (I use ProSeries), but the election out of Bonus depreciation applies to all assets in that class (7 year, 5 year, etc.), but the election 'out' ONLY applies to that class. Other classes (such as 5 year versus 7 year) can still use Bonus.

sjrcpaAnswer

Level 15

If you do no special entry in Lacerte, you'll get bonus depreciation. If you want §179 you have to enter the dollar amount in the 179 field. Look at the 4562 and depreciation schedule for more info.

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