Federal 2010: Schedule C and Federal Gulf Opportunity Zone Property
Certain customers, who filed a Schedule C and had Federal Gulf Opportunity Zone Assets which qualified for special bonus depreciation treatment, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you are impacted:
You may be affected if ALL of the following are true:
- You filed a tax return prior to March 10, 2011 AND
- You had a Schedule C AND
- You indicated that your business “acquired business assets after August 27, 2005 that are qualified GO (Gulf Opportunity) Zone property” and that these business assets also qualify as GO Zone Extension property. AND
- You placed your business assets in service before 1/1/2011 AND
- You did not indicate that you purchased the asset new AND
- You did not receive special bonus depreciation for that property on Form 4562, Part II, Line 14.
If you are affected, you may have overpaid your federal tax. You will need to amend your federal tax return and may possibly need to amend your state tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2010: Schedule C and Federal Gulf Opportunity Zone Property.