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Section 179, Partial Section 179, and Special Depreciation Allowance
I am still at a loss to figure out how to treat the new van that I purchased in 2019 for business. I plan to have the same income over the next five years, use the van for at least five years for business, and I file jointly with my husband. I plugged in all the different options to see how it affects my federal refund and my state refund. I am greatly concerned that I will get audited since taking the Special Depreciation Allowance puts my net income in the negative, but it does reduce our overall joint taxable income. Anyway, I have been trying the different scenarios and choices, and then Turbo Tax did an update, and now the numbers aren't coming out the same. Was there just an update on the Business Asset Depreciation section? Where do I go to read what the update was? It seems it is the Partial Section 179 in combination with the Special Depreciation Allowance was just changed.