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Schedule C: Sec 179 is too large
Hi, during the review analysis I got an error in Schedule C which took me to line #34 in Part VI - Vehicle Depreciation Information. I purchased a Heavy SUV for $72,983 and put it 100% into service for my business on October 2024, but the business unfortunately operated at a loss in 2024 (negative net income).
I had put $72,983 in line #34, which gives me an error stating that this amount "cannot be greater than the limit shown below." However, I do not see a limit anywhere "below." If it's because I'm at a negative income for the year, what amount am I supposed to put in line #34, and where would this vehicle purchase be reflected if not here? Not sure if it matters, but my business (which is negative) plus my W2 is greater than $72,983.