Elect out of bonus depreciation

Onvio Fixed Assets allows you to elect out of calculating bonus depreciation for both a single asset or for all of your clients.

For a single asset

To elect out of calculating bonus depreciation for a single asset, follow these steps.
  1. Open an asset, then choose the Other tab.
  2. From the 168(k) (Force) field select Prop not qualified (GO Zone/168(k)/168(n)).
  3. Click Save & Close.

Note: Marking an asset as not qualified for bonus depreciation is not the same as electing out of bonus depreciation. Marking an asset as not qualified for bonus depreciation on an asset-by asset basis does not trigger the corresponding election statement to print.

For all assets

To elect out of calculating bonus depreciation for all assets in a client, follow these steps. 

  1. Choose Settings, then Bonus Depreciation Elections
  2. Select what kind of assets will elect out of bonus depreciation.
  3. Click Done.

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