Elect out of bonus depreciation for all assets in UltraTax CS

You can elect out of bonus depreciation for client assets if they're eligible:
  • For qualified 30% bonus depreciation property, any asset class can elect out of bonus depreciation.
  • For qualified GO Zone 50% bonus depreciation property, any asset class can elect out of bonus depreciation.
  • For qualified Disaster Area 50% bonus depreciation property, any asset class can elect out of bonus depreciation.
Follow these steps to elect out of bonus depreciation.
  1. In the Asset List window, select
    Setup
    , then
    Options
    .
  2. In the Options window, select
    Calculations
    .
  3. Select
    Bonus Depreciation Elections
    .
  4. In the Bonus Depreciation Elections window, select the tab for the tax year you want to make the election for. Electing out for a specific tax year affects assets placed in service during that year.
  5. Locate the class for which you want to make a bonus depreciation election.
  6. Select a checkbox to make an election for bonus depreciation.
  7. Repeat steps 5 and 6 for each class in the tax year you want to make an election for:
  8. Select
    OK
    to save your changes and return to the Calculation tab.
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