I'm getting an error in TurboTax on car and truck expenses worksheet that says Line 51 "depreciation allowed or allowable" and Line 52 "AMT depreciation allowed or allowable is too large. For disposition calculations, depreciation cannot exceed business basis."
This amount is showing $48,300 which is the purchase price of the vehicle in 2015. I took an $8,000 Section 179 deduction on it the first year in 2015. The remaining $40,300 has been depreciated in years 2016-2020, so fully depreciated. It seems to me that $48,300 is the depreciation allowed as well as the business basis.
What I am doing wrong and how can I get rid of this error? It seems to be populated by Turbotax. Is that the incorrect amount or is it being flagged incorrectly?
