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Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

 
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7 Replies

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

The following does **NOT*** apply to me, after all, as I found a prerequisite which I do not meet :: "To qualify for this de minimis expensing safe harbor, a taxpayer must:
establish before the first day of the tax year (January 1 for calendar year taxpayers) an accounting procedure requiring it to expense amounts paid for property either (1) costing less than a certain dollar amount, and/or (2) with an economic useful life of 12 months or less, and actually treat such amounts as currently deductible expenses on its books and records. ""

*** I will UNCHECK the option for de minimis expensing and try all this again to see if it follows up with full Section 179 procedure. ***


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I have no idea how I got the "Section 1.263(a)-1f De Minimis Safe Harbor Election" form, but from what I read elsewhere it overlaps Section 179 for me so i will stick with it. There is a description of it in <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2799386-i-don-t-understand-this-de-minimis-safe-harbor-election-i-...> that once that election is taken, I simply need to navigate Business Income and Expenses > Business Expenses >> Other Common Business Expenses >> Other Miscellaneous Expenses and enter my purchases as expenses here and not assets elsewhere.

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

Open up your TurboTax program, at the top of your screen click on Business, Continue, I'll Choose What I Work On, Click Start or Update on Farm Income and Expenses, Click on I Have Income From A Farm, continue, Start your farm with a name OR click on Edit your farm if you've already started one. This is your main Farm Income and Expense page. Scroll down near the bottom you'll find Farm Assets, click start or update. Follow the interview----

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

Ok. I am on my Biz Income/Expenses page. It asks me Any large Purchases (depreciable Assets)? I say YES. ... It asks Did you buy any items for any business, rental property and/or farm that cost 2500 or less in 2016? YES. ... Let's see if you can deduct these items as expenses... Do both of these apply to you? (YES) Do you want to take this annual election? YES ... Now let's review each item you bought > (radial button choice::) EVERY item I bought costs $2500 or less. Next you'll see the main list of topics fr your business. Be sure to choose an expense topic to enter your item as OTHER EXPENSES...  >>> and this takes me back to the "Your Photography Business" main menu so I look down to "BUSINESS EXPENSES" this time instead of assets, per instructions. My option are Business Vehicle Expense, Other Common Business Expenses, and Home Office Expense.  So I click on UPDATE Other Common Business Expenses and see the 16 categories again. I choose UPDATE >> OTHER MISCELLANEOUS EXPENSES and add another line to my list. But there is nothing to indicate it is section 179 and I don't see any forms about Section 179 in my federal forms.

This was NOT an "ASSET" list (above), just the regular purchase deduction list.  Looking through my forms closely, I just now realize there is a form "Section 1.263(a)-1f De Minimis Safe Harbor Election" (listed as "Reg. 1.263(a)-f" in the list of forms)  which has an X on Chosen. I have no idea when I selected that. IS that the SAME THING as section 179? or Should I UNCHECK this and start again?

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

In the Asset Entry section while entering the individual asset. If you can give more detail, I'll be glad to assist you----

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

Plz tell ,me what keystrokes I need to put in to get to the Asset Entry section in TT Home and Biz 2016. from the home page // about me section.

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

Copied from your comment;
 (radial button choice::) EVERY item I bought costs $2500 or less.

At this point, try clicking "Every item I bought costs $2500 or less and some cost above $2500" instead.
You will have two new questions;
Did you make improvements to a building you used for business in 2016? (Your answer here)
Do you have any items for this business that aren't covered by your elections? (Answer yes here)
This will allow you to move on to individual asset entry and section 179.

Where do I enter Section 179 assets in TTHome/Biz 2016; (All answered questions I could find in community had answers which do not make sense with this year's software) ?

I do not get those questions now even though they have come up in the past. I think i will start a totally NEW file and follow your instructions when I get back to that point in the lineup. I'll update this when I can after that. THANK YOU!!
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