Where in the Home and Business software does a Section 179 Depreciation Deduction get entered for a qualifying truck bought and paid for in 2018?

Forum|Forum|7 years ago
June 6, 2019
2 replies
22 views

When I get to the vehicle depreciation questions in the program, it never asks or leads me to a Section 179 deduction. The truck is qualifying (paid for and weight) under Section 179 and I wish to write off the full purchase price in the 2018 tax year and can find the Section 179 lines of the Schedule C but not in the software.

TurboTax Home & Biz Windows

Best answer by KrisD15

You need to enter it as a Business Vehicle Expense under Business Expenses, go through all the interview questions, and opt to NOT take the mileage deduction, but to take the "Actual" expense.

After that you will be asked how you want to take the depreciation, and if the vehicle is eligible, you can take the 179 deduction.

Be aware that the vehicle must be used MORE THAN 50% for business to be eligible for the deduction.

KrisD15Answer

Level 15

You need to enter it as a Business Vehicle Expense under Business Expenses, go through all the interview questions, and opt to NOT take the mileage deduction, but to take the "Actual" expense.

After that you will be asked how you want to take the depreciation, and if the vehicle is eligible, you can take the 179 deduction.

Be aware that the vehicle must be used MORE THAN 50% for business to be eligible for the deduction.

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Canbyscott

Level 2

What is a home and business for the 179 goes I put it on 2020 tax return and when I carried over my vehicle to 2021 I had a basis of $45,000 left after the 179 and for some reason in my home and business download version it will not calculate out depreciation and I am using actual expenses and cat is it put in the expenses but it will notFor 2021 what on earth do I need to do

Canbyscott

Level 2

Sorry for some reason spellcheck corrects words I am trying to ask if I have a basis of $45,000 left over after a 179 deduction from the prior year and I’m using Home and business download version what do I need to do to get it to do the depreciation it will not calculate it and I am using actual expenses