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Level 5

Question

179 deduction

Forum|Forum|4 years ago
January 29, 2022
4 replies
40 views

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?

TurboTax Home & Biz Windows

Level 15

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

Mike9241

toddrub46Author

Level 5

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

Level 15

@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.

toddrub46Author

Level 5

Thank you