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Bonus depreciation default
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Ceedee4572
Level 3
04-22-2021
01:44 AM
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Has anyone had an issue with Lacerte NOT defaulting to bonus depreciation on new assets? The last several assets I've entered, I have had to override to have the 100% bonus depreciation taken on new assets on a Schedule C. The box is not checked to elect out of SDA either for the individual property or for all eligible properties.
I know everything keeps changing, but I wasn't aware that bonus depreciation rules had changed?
Thanks!
DianaFlanigan
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1 Comment 1
TaxGuyBill
Level 15
04-22-2021
08:40 PM
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Did you elect out of Bonus on ANY current year assets on the tax return?
Is there any chance you are entering it in a way that disqualifies Bonus depreciation?
Do all of those assets have a Recovery Period of 20 years or less?
