Vanessa A
Employee Tax Expert

Business & farm

Did you sell an asset or are listing a new one and trying to take section 179?

 

Go back to the entries and double check that your cost basis is accurate, then double check your entries.

If you are trying to take Section 179, if the asset is used for more than just business, you cannot claim a deduction for the portion that is personal.  For example, if you paid $30,000 for a new vehicle and you used it 50% for business, you cannot take depreciation of more than $15,000. 

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