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Get your taxes done using TurboTax
I figured it out.
When it asks me for my Section 179 Deduction, I needed to enter $28,900.
Because it's a heavy suv, that is the max allowed. This wasn't provided by turbotax. I had to google it. Seems like it would be easy for turbo tax to say, enter a number between 0-28900, if you selected heavy suv.
Anyways, the remainder of the cost is then multiplied by 80% for special depreciation (automatically, behind the scenes), if you elect to take it.
The remainder is then depreciated normally.
‎February 21, 2024
5:54 PM