Hi, I have a similar situation, and wondered how would I confirm if this statement you mentioned is true for me on previous year taxes? "It is possible that you didn't deduct all of the depreciation allowable in the year you purchased the auto" Would this apply to Special Depreciation Allowance?
I know my records show (2020 taxes) schedule C that the special depreciation (100% at about 75% business use of vehicle) was taken but I did have a NET LOSS shown on (line31 of Schedule C). Would this allow a depreciation deduction by amortization over 5 yrs to be calculated for the same vehicle on 2021 year taxes (this is what is happening)? Or is this a mistake as the Special Depreciation Allowance amount is showing on line 36i and j (on Vehicle Depreciation Information sheet) , but line 37 shows $0, and it seems to be missing from the Amortization Report (Form 4562) for 2021 tax year. My understanding was when taking the Special Depreciation Allowance, the following tax years would be $0 allowed for depreciation. Is there anywhere I could confirm on worksheets 2020 tax year that I would have an unused special depreciation carried over for 2021 tax year? Please advise or clarify what should be corrected on 2021 tax return and if i should do it manually, how? Or should I delete vehicle and start over with interview process? My data was imported with 2020 TurboTax file. Thanks for the help!
