I bought a new truck the end of 2024. Took a 179 deduction and will depreciate balance. TT fills in the 4562 but leaves line 26 blank. According to the IRS this needs to be filled out for a "first time" asset placed into service. I decided to manually fill it out and it changes parts of the 4562. Don't understand why TT won't fill it out and not sure what to do.
Yes, that would explain that part.
To claim Section 179 Deduction, the vehicle must be new/purchased and put into service for that tax year. You might want to enter those 6 miles as business miles if you picked it up as a business-related task. If not, it wouldn't be eligible.
TurboTax bases the percentage of business use on the mileage you enter in the vehicle expense interview.
Please review those entries to ensure that the Business Miles are more than 50% of the total miles you report driven.
Hi Kris. Thanks for your response. I went back and reviewed my whole return, not just the 4562, with my manual input and it changed everything! Doubled the 179 deduction etc. So I went back and deleted my input on line 26. Anyway, the truck was purchased 12/28, driven home (about 6 miles) and not used at all until later in January. I just left the Section B mileage part blank. Maybe that's why TT left line 26 blank. ?? Truck is 100% business.
Yes, that would explain that part.
To claim Section 179 Deduction, the vehicle must be new/purchased and put into service for that tax year. You might want to enter those 6 miles as business miles if you picked it up as a business-related task. If not, it wouldn't be eligible.