I purchased a new luxury vehicle for my business in 2023. It is an SUV under 6000 lbs. It is used 100% for business being depreciated over 5 years. In 2023, I was allowed to take a 179 deduction in the amount of $20,200. For 2024, Turbo Tax calculates my deduction as $3185. It is my understanding that I should be permitted to deduct $19,500 in year 2. I have spoken with the tax expert at Turbo Tax and was advised to list the additional $16,315 unused depreciation as Section 179 carryover from 2023. However, I do not believe this is technically carryover, as it is not indicated as such on my 2023 return. Thank you in advance.
