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| Not familiar with the turbotax program, but I would think you could just use 179 and use 1/2. Result would be the same, unless you are bumping up against limits. Need to be careful with farm buildings, as 179 and the bonus 50% are only eligible for single use structures. From Purdue, see below:
The ESA of 2008 provides an additional
first-year depreciation deduction equal to 50
percent of the adjusted basis, after Section
179 expensing, if any, of qualifying property
placed in service after December 31, 2007
and before January 1, 2009. This additional
first-year or bonus depreciation is allowed
for both regular and AMT tax purposes.
To qualify for the additional first-year
depreciation, the property must meet all five
of the following requirements.
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1. The original use of the property must start
with the taxpayer (property must be new).
2. The property must be MACRS property
with a recovery period of not more than 20
years.
3. The taxpayer must purchase the property
or enter into a binding contract to purchase
the property in 2008. If there was a binding
contract to acquire the property before 2008,
the property does not qualify.
4. The property generally must be placed in
service in calendar year 2008. The deadline
is extended for some property with a
recovery period of 10 years or more, but
only the portion of the basis attributable to
expenditures in calendar year 2008 qualifies.
5. The taxpayer is not required to use the
Alternative Depreciation System (ADS) for
the property. A producer with orchards,
vineyards, or groves who elected not to
capitalize pre-production expenses is
generally required to use ADS.
Example 4: | |
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depreciatinb buildings in turbotax
