Hi,
I am using Turbotax Business 2020 and trying to maximize a 2020 new business auto deduction. I filled out everything and depreciation is being shown, but no special depreciation is showing on the appropriate forms. Any idea what is going on?
A few specifics for clarification:
1 - As my S corp will be taking a loss in 2020, I decided to not use the 179 deduction as it will only deduct the amounts for profits (so the 179 deduction would not increase the negative corp return $).
2 - The auto's cost was $31,381and the program chose the 5 year depreciation.
3 - The forms are only showing a 2020 depreciation of $6276, HY convention, 200 DB method.
4 - No 'Special Depreciation Allowance' is being shown. I would expect there to be an amount there as the vehicle as new and purchased in 2020.
Any ideas or insight would be greatly appreciated!
MH
