- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I do not see where to elect out of 179 on a 1041.
Solved! Go to Solution.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
179 itself is an election.
Do you mean elect out of bonus depreciation?
Ex-AllStar
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Here's wishing you many Happy Returns
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I tried that and am still getting the 179 deduction.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Here's wishing you many Happy Returns
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Ex-AllStar
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you. I missed a checkbox.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
