Thank you for your help last year! I was able to take the 179 depreciation.
Where I'm stuck this year is that I can't figure out if the amount I did not deduct last year is automatically accounted for in TurboTax or if I have a Section 179 Carryover.
My elected cost was less than the total cost because I did not have enough taxable income to cover the total cost. I was hoping to deduct the remaining amount this year, as I may not be able to in future years due to tax reform.
Am I locked into the 7 year class life for musical instruments and therefore unable to deduct the remaining amount this year (year 2) or is that exactly what the Section 179 carryover is for?
Thanks!
