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Business & farm
The problem is that the Section 179 deduction is limited to the percentage of business use.
If you took a Section 179 deduction of 40,973 the first year on a vehicle with a basis of 55,369, you claimed the business use was around 74%.
In order to make the TurboTax program accept that, you must enter mileage for the vehicle for 2023 so that the business miles are 74% or more of the total miles driven.
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‎February 6, 2024
7:38 PM