- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Form 4562 Line 8 is for Total elected cost of section 179 property.
The way to change it is to return to the the original asset entry or to return to the state interview and verify whether all the details were entered regarding the asset.
- Maryland does not allow Section 179 deductions on assets. For more information, see: 2020 Maryland Resident Booklet, page 13 and Maryland Income Tax Administrative Release No. 38.
- 2020 Kentucky Form 740 Instructions Packet, the treatment of Section 179 assets has been changed. See page 28.
For more information about depreciation, see: What is a Section 179 deduction?
Depreciation of Business Assets - TurboTax Tax Tips & Videos-which includes information about Section 179 and the special depreciation allowance, or bonus depreciation.
May 16, 2021
11:15 AM