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Deductions & credits
It has been a year since you posted your answer, but our question is similar.
I bought a truck in 2021 for property management. I want to use a Section 179 deduction against the profit for one building on my Schedule E. The truck cost more than the net profit for the property for which I am trying to make a deduction. I am trying to use the Section 179 deduction to offset the net profit for one property and to carry the remaining truck depreciation forward to future tax years. No matter what I try, I get a value of "0" depreciation in Turbotax. What am I doing wrong? I expected the Section 179 deduction to appear in "Assets / Depreciation". I expected the portion of the deduction that exceeds the building profit to be calculated, too, but perhaps that is expecting too much. All I see in the worksheet is a treatment of the truck as 7-year property and no Section 179 deduction.