Hello. My 2022 TT file was corrupted so I couldn't import. I requested a complete 2022 return from the IRS and started over from scratch, trying to figure out exactly what was done last year.
I am self-employed. I bought a car in 2022 and placed it into service in 6/2022. Last year on TurboTax, I never saw anything about Special Depreciation so I never took it. I never attached a statement declining anything, either. I see a Section 179 Deduction of $12,750. 0 depreciation.
Am I to assume that I used Actual Expenses method for this vehicle? Oddly enough, I had 2 vehicles and the total mileage of them * 0.625 per mile = the deduction I took on Schedule C, Line 9 (Car and truck expenses.) If the old car was Standard and the new car appears to be Actual, how could I have deducted mileage on both?
Second issue. When I go into Form View, Car & Truck Wks, Part VI, Line 36a(2), it says Elect 50% in place of 100% Special Depreciation Allowance. I thought SDA was only for the first year? If so, why is TurboTax allowing me to select Yes/No? Based on the year it was placed into service (2022), shouldn't it know that?
It seems backwards that if I select Yes, my refund jumps by $400 or so. Shouldn't my refund go down if I were to elect 50% rather than 100%?
