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Section 179 deduction is not lowering net profit, what is wrong?
Hello. I'm using the 2017 small business/self-employed desktop version of Turbotax.
I added two computers in the Business Assets section and elected to use the full Section 179 deduction. However, the amount of "assets being depreciated" in the Business dashboard/tab is $0, and the Section 179 deduction doesn't seem to be lowering net profit.
One odd thing I noticed is that a green bar appears for the year 2015 in the graph that appears at the bottom of the page when selecting to use the full Section 179 expense, though I would think that bar should appear for the year 2017.
Does anyone have a sense of what's going wrong here? Thanks for your help.
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Business & farm
Is the deduction showing up on Line 13 of Schedule C?
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look at form 4562 . the 179 should show up in part 1 with the computation of the allowable amount. by the way you did list business use at more than 50% for the computers, didn't you? also check part V of 4562.
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The 179 deduction cannot create a greater loss on the Sch C ... the unallowed deduction is instead carried forward ... review your Sch C ... do you have a profit or a loss?