I hit a roadblock on this years taxes for 2024, where I do gig work for Uber/Grubhub and Doordash on the side. I was able to use my vehicle as an expense and purchased it as an expense on last years taxes. Last year was the first year and took a section 179 and bonus depreciation off the valuation. (cost $42,022, section 179 $5,253, bonus $8,463, total depreciation last tax year $13,716, depreciating value over 5 years using 200DB method). I was asked on my taxes this year for my prior year depreciation, not including section 179 and bonus depreciation. My last years depreciation was the equivalent of both of the section 179 and bonus combined, according to my tax forms. Am I missing something?
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If you look on your Form 4562 in 2023, you will see your section 179 depreciation on line 7, the bonus depreciation on line 25 (second page of Form 4562) and the regular depreciation on line 26(h). So the amount on line 26(h) would be your prior year depreciation requested in TurboTax. If you don't have an entry on line 26(h) then enter $0 for the prior year depreciation.
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