I did not see an area in the step by step process to enter a 179 deduction for a newly acquired business asset (used truck). So I entered it in manually in the "form" view (line 34). However, the form highlights the amount in red and is not allowing me to proceed. How do I fix this?
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you enter the vehicle in the asset entry section of schedule C. it is there you take the 179. delete the override. if you don't you won't be able to e-file.
179 is limited to net business income so look at form 4562 line 11
@toddrub46 wrote:
I did not see an area in the step by step process to enter a 179 deduction for a newly acquired business asset (used truck).
Try entering it in Business Vehicle Expense. Proceed through the screens slowly and read them carefully.
Thank you for the response. I finally had to delete the "additional asset" form and re-enter the data, at which point I was given the 179 question in the step by step, which once answered flowed properly to the Forms view
Thank you
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