Hi
In 2018, I purchased a vehicle for $31000 and took the bonus depreciation of $18000. This year 2019, I see no depreciation for the vehicle. Is there a reason why there is no additional depreciation in the 2nd year in turbo tax? Am I doing something wrong.
Thanks
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If it is still doing that after "reviewing" the vehicle section (as Tagteam suggested), it is possible that TurboTax has not updated the software.
The 'default' rules according to the Tax Code would not allow any more depreciation until the year 2024, so it is possible that TurboTax is still stuck on that. But the IRS came out with Revenue Procedure 2019-13 to counter-act that weird rule about the depreciation not being allowed for 5 years. But again, I am not sure if that is the problem in your case or not.
@dmark222 wrote:Is there a reason why there is no additional depreciation in the 2nd year in turbo tax? Am I doing something wrong.
I believe you simply need to go through the Business Vehicle Expense part of the program for 2019 and the depreciation deduction will then carry over to your return (see screenshots).
If it is still doing that after "reviewing" the vehicle section (as Tagteam suggested), it is possible that TurboTax has not updated the software.
The 'default' rules according to the Tax Code would not allow any more depreciation until the year 2024, so it is possible that TurboTax is still stuck on that. But the IRS came out with Revenue Procedure 2019-13 to counter-act that weird rule about the depreciation not being allowed for 5 years. But again, I am not sure if that is the problem in your case or not.
Yes, I did that.
Thank you, I will wait for TurboTax to update.
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