Calculation > Bonus Depreciation Elections dialog

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See also: Choosing bonus depreciation elections

Use this dialog to select the asset classes that are electing out of the bonus depreciation deduction per IRS Code section 168(k) or 1400N.

Note: Whether or not current and prior depreciation calculate the additional depreciation for a qualified asset depends on whether the asset's class follows section 168(k) or 1400N or has elected out.

To open this dialog, click the Bonus Depreciation Elections button in the Setup > Options > Calculation tab.

Fields & buttons

Notes

  • All asset classes follow section 168(k) and 1400N by default.
  • This dialog contains tabs for current and prior years.

Using the checkboxes that are available for each asset class, you can choose to elect out of the 30% bonus depreciation for qualified 30% bonus depreciation assets for the selected year.

Click the Elect All button to have all asset classes elect out of 30% bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

Using the checkboxes that are available for each asset class, you can choose to elect out of the 50% / 100% bonus depreciation for qualified 50% / 100% bonus depreciation assets for the selected year.

Click the Elect All button to have all asset classes elect out of 50%/100% bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

Note: If you elected out of bonus depreciation for qualified 50% / 100% bonus depreciation property, the corresponding checkbox in the Qualified 50%/100%: Elect 30% Bonus Depr column is not available.

Using the checkboxes that are available for each asset class, you can choose to elect to take 30% bonus depreciation (instead of 50%) for qualified 50% bonus depreciation assets for the selected year.

Click the Elect All button to have all asset classes elect the 30% bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

Note: If you elected out of bonus depreciation for qualified 50% bonus depreciation property, the corresponding checkbox in the Qualified 50%: Elect 30% Bonus Depr column is not available.

Using the checkboxes that are available for each asset class, you can choose to elect to take 50% bonus depreciation (instead of 100%) for qualified 100% bonus depreciation assets for the 2010 tax year if the tax year includes the date of 9/9/2010 or for the 2017 or 2018 tax year if the tax year includes he date of 9/28/2017.

Click the Elect All button to have all asset classes elect the 50% bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

Note: If you elected out of bonus depreciation for qualified 100% bonus depreciation property, the corresponding checkbox in the Qualified 100%: Elect 50% Bonus Depr column is not available.

Using the checkboxes that are available for each asset class, you can choose to elect out of bonus depreciation for qualified GO Zone assets for the selected year.

Click the Elect All button to have all asset classes elect out of GO Zone bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

Using the checkboxes that are available for each asset class, you can choose to elect out of bonus depreciation for qualified disaster area assets for the selected year.

Click the Elect All button to have all asset classes elect out of disaster area bonus depreciation for the selected year. After you click the Elect All button, its name changes to Unmark All.

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