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elizabethharris1
New Member

How to determine the amount of the 179 Deduction when the business has a hoss

The business has a loss this year, but I need to know how much of the 179 deduction I should take.

The 179 deduction is calculated on the new vehicle purchased for Uber this year
2 Replies
ColeenD3
Employee Tax Expert

How to determine the amount of the 179 Deduction when the business has a hoss

You can't take a Section 179 deduction if you had a loss. It's limited to your taxable income.

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AmeliesUncle
Level 12

How to determine the amount of the 179 Deduction when the business has a hoss


@elizabethharris1 wrote:
for Uber this year

Are you SURE you want to use Actual Expenses for your vehicle?  In MANY cases, high-mileage jobs like Uber have a better long-term benefit using the Standard Mileage Rate.  And if you choose to use Actual Expenses this year, you can never use the Standard Mileage Rate for that vehicle.

 

In the event you do want to use Actual Expenses, why are you wanting to use Section 179?

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