Level 2

Question

11202 Proconnect Depreciation Special Allowance

Forum|Forum|2 years ago
October 20, 2023
1 reply
7 views

Doing a tax return for a 1120S

Entered Assets for Depreciation.

Fist line worked fine 15yr SL

next three lines entered same way but some how is reporting at Special Depreciation Allowance.

Is there a selection error I made else where that is causing this?

It should all be SL some 3 yr , 7y, 15 yr

ProConnect Tax

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Level 15

Did you elect OUT of the Special Depreciation Allowance? You would need to elect OUT for each type of property (3 year, 5 year, 15 year).

powenmurphyAuthor

Level 2

Thanks so much.

Where in proconnect is the election to elect our of special depreciation. I can seem to find that.

thanks so much in advance.

Level 15

I don't use ProConnect, but this article has a sections called "Follow these steps to suppress special depreciation on an asset" and "Follow these steps to elect not to claim additional special depreciation" that should tell you how to do it.

https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/understanding-special-depreciation-proconnect/L8Prbou8T_US_en_US?uid=lnz35vfg