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Deductions & credits
Is your earned income too low and the software not allowing the deduction?
This TurboTax Help explains Section 179 deduction rules and limitations for 2020:
- The asset must be tangible personal property, including software (not real estate).
- It must be used in a trade or business (property used in a rental activity is generally not eligible).
- You must take the deduction in the year you start using the asset.
- The decision to use Section 179 must be made in the year the asset is put to use for business.
- The deduction cannot be more than your earned income (net business income and wages) for the year.
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ā€ˇFebruary 14, 2021
3:06 PM
1,577 Views