@PP wrote:
Hi Did anyone finally figure this out. I am in the same boat :
My auto is < 6000 lbs and only used for business. I took section 179 in 2023 along with bonus depreciation resulting a depreciation of $20200. However, for 2024, turbotax is only calculating $2297 which is way below what the limits are. What am I missing ? Any help would be greatly appreciated.
Thanks,
Have you looked at my comments above? The program is doing it correctly.
There is a weird rule that basically says the unused 80% depreciation can't be used until year SEVEN. In the meanwhile, you can only depreciate the other 20% (after reducing the Basis for the Section 179 that you took).
