Choose bonus depreciation elections

To select the bonus depreciation options for the current client, follow these steps.

  1. Open an asset in Onvio Fixed Assets.
  2. When the asset opens, you will be in the depreciation tab.
  3. Enter your values in the Bonus Depreciation line of the depreciation grid.

Electing out is handled on a class-by-class basis by tax year. Note that the current depreciation for all qualified assets is affected by the election status of the class by which they are depreciated.

Note: Changing an asset class's election status for a year prior to the current year affects the prior depreciation comparison and prior depreciation amounts if you build a treatment.

  • For qualified 30% bonus depreciation property, any asset class can elect out of bonus depreciation.
  • For qualified 50%/100% bonus depreciation property, any asset class can elect out of bonus depreciation or, for qualified assets placed in service between 5/06/03 and 12/31/04, elect to take 30% bonus depreciation (instead of 50%), or for qualified assets placed in service in a 2010 tax year that includes September 9, 2010, elect to take 50% bonus depreciation (instead of 100%), or for qualified assets placed in service in a 2017 or 2018 tax year that includes 9/28/2017 elect to take 50% bonus depreciation (instead of 100%).
  • 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.

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