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nkmads
New Member

I used Section 179 for assets in my 2017 taxes. Do I have to list those same assets again in 2018?

In the section for Business Assets I am not sure if I should list the same assets I reported in 2017 since I took advantage of Section 179. I assumed if I used Section 179 to deduct the entire cost of these assets I wouldnt need to list them again. Please clarify this for me.

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Coleen3
Intuit Alumni

I used Section 179 for assets in my 2017 taxes. Do I have to list those same assets again in 2018?

No, you have already taken the full depreciation. Even if you had not, the information transfers from year to year. You would only need this information in the future should you sell an asset. If you sell before the useful life is finished, you will have to recapture the depreciation taken in advance.

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3 Replies
Coleen3
Intuit Alumni

I used Section 179 for assets in my 2017 taxes. Do I have to list those same assets again in 2018?

No, you have already taken the full depreciation. Even if you had not, the information transfers from year to year. You would only need this information in the future should you sell an asset. If you sell before the useful life is finished, you will have to recapture the depreciation taken in advance.

nkmads
New Member

I used Section 179 for assets in my 2017 taxes. Do I have to list those same assets again in 2018?

Thank you Coleen, much appreciated!  When you say "the information transfers from year to year" are you referring to importing previous years' taxes? I use Turbotax Business Desktop and I did not import anything from previous year taxes so I just want to make sure Im understanding correctly. That's the reason I asked if I had to reenter those assets from previous years. Thanks again.
Coleen3
Intuit Alumni

I used Section 179 for assets in my 2017 taxes. Do I have to list those same assets again in 2018?

It would not show on your return since it is depreciated. Look on your depreciation worksheet and see if it is listed there as a carryover.
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