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How much should I put under: Section 179 deduction?
I purchased a car to use for work ($23.678) and I don’t know how much I can enter under the section 179 deduction. I also don’t know if I should pick “I’ll take the special depreciation allowance” or “I don’t want to take the special depreciation allowance”.
Thank you
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June 4, 2019
3:15 PM
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Business & farm
I would recommend leaving 179 blank/zero. Select that you will take the special depreciation allowance. Continue until it gives you a box for special depreciation.
You will be able to deduct up to $13,696. That's your choice, but you can take the whole amount. If you don't take the whole amount, the remaining will be depreciated over the next 4 years.
June 4, 2019
3:15 PM
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Business & farm
Thank you so much for your answer. Just out of curiosity, how did you get to this amount ($13,696)?
June 4, 2019
3:15 PM