I am using TT Home and Business Desktop. I have self-employed income being reported in the Business section.
I purchased a car during 2024 that was used more than 50% for business purposes. I want to take a Section 179 deduction and Bonus depreciation, but cannot find the right place.
I've seen this question asked by many different people and the answers never seem to answer the question, so let me clarify a few things.
I know there is a section for Business Expenses and within that a section for Vehicle Business Expenses. Within that, I can see the option for "Standard Mileage" vs. "Actual Expenses". I have selected Actual Expenses. Within that section, there is space to include costs like gas, repairs, insurance, etc. And there is a place to enter the purchase price of the vehicle. However, there is no way to trigger a Section 179 type deduction or bonus depreciation for a vehicle. I need specific step by step instructions to find it.
Separately, there is a section for Business Assets that includes depreciation and uses the Section 179 deduction but specifically says you should not enter Vehicles there and gives no option for Vehicles.
Please let me know how to properly take this deduction within the software. I would just ask that you read what was said above carefully before responding.
Thank you!
