First, I have read and understand the implications and the whys and why-nots and I am not asking for tax advice. I just want to enter my depriciable asset, that I purchased in the tax year, that I use only for business, on form 4562 under section 179 with bonus deprication.
For more insight, I started a business but my wife works W2. The business was started in December of last year and the vehichle was purcahsed for the business at the same time. The business didn't pull much income, but the purpose is to offset the W2 wages of my wife. The IRS states all of this is possible and above board.
During TurboTax's workflow, it doesn't allow me to enter this information in. If I try and add it as an asset, I am able to claim a partial deduction (since a vehichle less than 6000 has a specific limit) but it doesn't have the proper fields to specify the bonus depriciaton.
Any help would be greatly appriciated. Thank you.
