How to add/change section 179 bonus

Steps to add, remove, or modify Section 179 bonus on assets in Sage Fixed Assets Depreciation.

Note: Section 179 expense is a critical value of depreciation. It must be entered on an asset-by-asset basis.

In Sage Fixed Assets:

1. In the Asset Detail view: Enter a value for 179/bonus.
2. The Section/Bonus Detail[Book] window will open.
   1. Ensure Qualified Section 179 Property box is Checked.
   2. If the asset is a Qualified Disaster Zone asset: Select the appropriate Zone Type: from the drop box.
   3. Ensure the Section 179 Amount is correct.
   4. If applicable: Select the correct Code for Section 179B, 179C, 179D, 179E, 179O or Other, Enter the correct amount applied to the code.
      Note: Any amount entered under the 179B, 179C, 179D, 179E, 179O or Other section won’t appear on the 4562 report.
   5. Ensure the Total Section 179/Bonus Amount is correct.
   6. Click OK.
3. If depreciation has been run on the asset, there will be two prompts:
   1. Answer Yes.
   2. Select the Placed in Service date.
   3. Click OK.

Notes:

• The Section 179 bonus is a reduction of the depreciable basis on an asset. Reset depreciation to the Placed in Service date to allow the asset to recalculate correctly.
• To check if the allowable Section 179 allocation limits have been exceeded: In Sage Fixed Assets, go to Depreciation menu, Audit Advisor.
• If the Asset was a transferred Asset, apply Section 179 or 168 Allowance changes to the parent asset. Delete the Transfer, make any adjustments, then transfer the asset again. If the transfer occurs in the first year of the asset's life, Section 179 or 168 Allowance amounts will be allocated between the Parent and Child