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Section 179 on a Fiduciary Return

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I do not see where to elect out of 179 on a 1041.

Lacerte Tax

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sjrcpaAnswer

Level 15

There is a difference between 100% bonus depreciation and Section 179 depreciation.

Estates and trusts cannot claim the 179 deduction.

Ergo, I believe you are getting bonus depreciation and want to elect out.

The more I know the more I don’t know.

sjrcpa

Level 15

179 itself is an election.

Do you mean elect out of bonus depreciation?

The more I know the more I don’t know.

George4Tacks

Level 15

There is an input for Special depreciation allowance: 1=yes, 2=no [O] This is secret code for what I think you are asking about, also known as Bonus Depreciation.

Answers are easy. Questions are hard!

P

PXDeAngelisAuthor

Level 2

I tried that and am still getting the 179 deduction.

sjrcpaAnswer

Level 15

There is a difference between 100% bonus depreciation and Section 179 depreciation.

Estates and trusts cannot claim the 179 deduction.

Ergo, I believe you are getting bonus depreciation and want to elect out.

The more I know the more I don’t know.

George4Tacks

Level 15

Where are you see the 179 deduction? On the depreciation Schedule? i.e. 179/SDA? or are you seeing in on the Form 4562, line 6 or are you maybe seeing it on line 14?

You really need to make a concerted effort to get 179. You must make an entry to get that.

You really need to make a concerted effort NOT to get SDA. You must make an entry to make it go away.

Answers are easy. Questions are hard!

P

PXDeAngelisAuthor

Level 2

Thank you. I was seeing it on the depreciation schedule, since the 4562 is not yet available. The column was SDA/179 and since it was for the entire amount of the asset I mistook it for 179.

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