Hi KrisD,
Thank you so much for your kind reply.
I understand 179 is usually excellerated depreciation and since I missed entering this new (used) vehicle as an asset on my 2023 1120S I cannot take 179 on my 2024 1120S.
Question for clarification:
Do I still list this vehicle as a Corporate assest on 2024 1120S and if so will I be able to capture any "regular" depreciation?
Sounds like I can deduct the interest paid during 2024 on this vehicle. If this vehicle is used 80% for business and 20% for personal I imagine I will only be able to claim 80% of the total interest paid during 2024.
I hope TurboTax Business Software will guide me where on 1120S I get to take that interest deduction.
I am unsure if that is in the business vehicle section or just Corporate interest paid on all loans on assests.
I really appreciate your help and insight.
Cheers!
