Yes, you may report a Section 179 Depreciation Carryover from a prior year on your current return, even if you have a net business loss for the year.
By entering this on your current return, the carryover will be available next year if you cannot use the deduction this year. Follow the instructions below to enter your carryover amount:
The easiest way to
find Schedule C in TurboTax is to use the
Search box at the top right side of the
TurboTax header. Enter "schedule c", hit Enter, then click on "jump to schedule c". This will take you
directly to the start of this section where you can set up your business and
enter your income & expenses.
Or go to My Account >> Tools >> Topic Search.
Type in "schedule c", click the topic in the list, then click
"GO".
- Continue to the list of businesses on your return and click Edit beside the business you need to work on.
- Click Continue at the bottom of the Business Summary page.
- The next page is titled "Other Situations" (see screenshot #1 below - click to enlarge).
- Check the box for "I have unused section 179 expenses..." and Continue.
- The next page allows you to enter the amount from Form 4562 Line 13. (Note the Learn More info in screenshot #2).
- Continue to the end of the section.
If you are unable to use the carryover this year, TurboTax will include the amount to your return next year.
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