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balladayjee30
New Member

Where do I put section 179 deductions

 
5 Replies
tagteam
Level 15

Where do I put section 179 deductions

The program will give you the option in the Business section if you qualify.

 

Otherwise, if you have unused Section 179 deductions from the previous year, you can enter them in the Business section (under Final Details>>Special Situations - although they should be carried over after transferring your 2018 return).

Twenty20doc
New Member

Where do I put section 179 deductions

Exactly where in the interview do we put our 179 expense for that year? I've went through the income and deduction sections and nowhere was I asked about it.  

RobertG
Expert Alumni

Where do I put section 179 deductions

The 179 expense is added when you enter a new asset.  If the asset qualifies you will be given the opportunity to elect 179 on that asset.

 

To qualify for a Section 179 deduction, the asset must be:

  • Tangible (you're able to touch it, which excludes intangible assets like patents or copyrights)
  • Purchased (not leased) for business use
  • Used more than 50% in your business
  • Placed in service (purchased, acquired, or converted to business use) during the current tax year
  • Acquired from a non-related party

For further information please see the TurboTax website: What is a Section 179 deduction?

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Scottkeefer
New Member

Where do I put section 179 deductions

I purched a 2020 Nissan NV2500 cargo van for my Chimney Sweep Co and the 179 never came up as a option I was wondering why when that's the main reason I bought it in Dec of 2019. I am using the Home and Business version. 

Thanks,

Scott

Anonymous
Not applicable

Where do I put section 179 deductions

it should be with the asset entry worksheet for the van. however, the 179 deduction is limited to business income.  an alternative if there's a loss is to take bonus depreciation which is not limited to business income. 

we can't see your return so can't say what the issue is if you have a profit but no 179

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