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Business & farm
We finally got back to this and had to do two things to get the Section 179 deduction to work correctly:
1. Change our answer to "Did you track your personal miles?" to "Yes". This corrected the percentage of business use to 100%. We answered "No" previously because this vehicle is only driven for business - no personal at all.
2. Remove the trade-in on the new vehicle. We entered the amount of the trade-in as the disposal, so that got added to income.
Thanks for your help!
1. Change our answer to "Did you track your personal miles?" to "Yes". This corrected the percentage of business use to 100%. We answered "No" previously because this vehicle is only driven for business - no personal at all.
2. Remove the trade-in on the new vehicle. We entered the amount of the trade-in as the disposal, so that got added to income.
Thanks for your help!
‎June 4, 2019
12:31 PM