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Business & farm
Cathi, your instructions were very helpful, but I'm still not getting the full deduction, either (I'm doing 2019 taxes). I did not have a trade-in so that's not the problem, but TT did ask when I purchased the vehicle and it seems to be reducing the deduction by the proportion of the year prior to purchase (nearly cutting the deduction in half). I think this is wrong and I should be able to deduct 100% of the purchase price even if I bought on the last day of the year. Let me add that I did have another car in business use until I bought the replacement car, so perhaps that is affecting the deduction. Also, the replacement car was used (but I put in the actual purchase price). Can you help?
March 22, 2020
1:09 PM