On federal I am getting deduction calculation as $20200 for Tesla model Y I bought for business use only
But on California side its adding it back as adjustment
Can i remove it? I thought upto 25K Federal and CA deduction is same - no adjustment needed on California side
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Did you use the Section 179 for any other assets for tax year 2023?
Any carryover form 2022?
No - Only one car bought in 2023, no 2022 carryover as business start was 2023 - I am SMLLC
@KrisD15 No - Only one car bought in 2023, no 2022 carryover as business start was 2023 - I am SMLLC
For California the deduction will be limited based on the business income.
Was the business income 20,200 after expenses and before the 179?
Yes it is 100k +
Is the assets placed into service for 2023 more than 200,000?
No - Asset placed in service is a vehicle less than 6000lbs costing 58000
For California the maximum 179 deduction amount for 2023 is $25,000. Any other amount you were allowed on your federal would be added back in.
Here are the California rules.
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