Related topics

Performing a 168 Allowance Switch

Plus 168 Depreciation Methods

Calculating the 168 Allowance

Qualified Gulf Opportunity Zone Property

Before Using the 168 Allowance Switch

168 Allowance Switch Window

Follow the guidelines provided below to complete the fields on the 168 Allowance Switch window.

Items in this window

 

Item Notes
Group Select the group of assets for which you want to make one of the following selections:
  • Change the depreciation methods so that the assets take the 168 Allowance.
  • Change the depreciation methods so that the assets do not take the 168 Allowance.
Books Select the check box for each book for which you want to make the election.

Note: If you select one federal tax book, you should select all federal tax books.
[Select All] / [Unselect All] Select this link to either select the check boxes for all available books or to clear the check boxes for all available books.
Fiscal Year End Select or enter the fiscal year-end for which you want to make the election. The depreciation methods are changed only for valid assets that have been placed in service during the fiscal year that you enter.
Allowance Percentage Select one of the following elections:
100% allowance Select this option if you want the selected group of assets to take the additional 100% depreciation allowance.
80% allowance Select this option if you want the selected group of assets to take the additional 80% depreciation allowance.
60% allowance Select this option if you want the selected group of assets to take the additional 60% depreciation allowance.
50% allowance Select this option if you want the selected group of assets to take the additional 50% depreciation allowance.
40% allowance Select this option if you want the selected group of assets to take the additional 40% depreciation allowance.
30% allowance Select this option if you want the selected group of assets to take the additional 30% depreciation allowance.
20% allowance Select this option if you want the selected group of assets to take the additional 20% depreciation allowance.
No allowance Select this option if you want the selected group of assets to not take the 168 Allowance.

See 168 Allowance % field for recent and previous legislative changes that outline the percentages available for the applicable periods.