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Deductions & credits
I purchase my leased business vehicle and then traded for a new business vehicle that I paid cash for? Please advise how to enter these transactions in Turbo Tax? I use the vehicles 70% for business. How much 179 deduction can I take on the new vehicle (as long as it does not create negative income). Is it 70% of the purchase price? Turbo Tax gives me a number that is less than that amount.
March 8, 2023
9:08 AM