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Schedule C Car & Truck Expense - depr allowed is too large
We used TurboTax 2018 last year.
In Apr 2018 we purchased a used car for my wife to use as a Real Estate Broker. Basis cost $13,200. The Section 179 from last year's return says
Depreciation and section 179 expense deduction $12,611
Form 4562 line 25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use $12,611
When we run the fix errors, it keeps telling for Schedule C that the deer allowed or allowable is too large. The box appears with 12,611 in it, but we can't edit the figures in the box. We're stuck and don't know what's going on.
‎February 24, 2020
8:03 PM