New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Qualified assets

The application calculates the section 168(k) bonus depreciation deduction for qualified assets. Note that for some qualified assets, you need to access the asset's Other tab and select the appropriate code in the GO Zone/168(k) (force) field.

Compliance with bonus depreciation

Compliance with bonus depreciation is determined on a treatment-by-treatment basis. By default, all treatments - except Book Modifying a treatment's compliance with bonus depreciation.

Electing out a class

Any class can elect out of the bonus depreciation deduction. The current and prior depreciation for all qualified assets is affected by the election status of the class by which they are depreciating. For more information, see Choosing bonus depreciation elections.

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