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Level 2
September 15, 2021
Solved

How do I elect for 100% First-Year Bonus Depreciation

  • September 15, 2021
  • 2 replies
  • 0 views

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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Best answer by dkh

If you check YES box for Qualified Property it should automatically take the 100% Bonus depr

 

2 replies

dkh
Level 15
September 15, 2021

Sec179 and 100% Bonus depreciation are two different things. 

Level 2
September 15, 2021

Do you happen to know how to elect 100% First-Year Bonus Depreciation?

dkh
dkhAnswer
Level 15
September 15, 2021

If you check YES box for Qualified Property it should automatically take the 100% Bonus depr

 

PATAX
Level 12
September 15, 2021

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