I read the similarly named thread from 2/24/2020 that explained the situation 2 years ago. A great article was included that explained the 5 year ‘recovery period’ delayed wait before depreciation starts.
My current situation for 2021 taxes: I bought a new Tacoma truck in 2020 for $37,933 and depreciated $18,100 in line 26i, Elected Sec 179 cost. The truck is used 100% for business, is under 6000 lbs, and TTax in 2020 included a form ‘Spec. Dep. Allowance Elections under IRC Section 168(k)(7)’ that states I elected out of Qualified Econ. Stimulus property for 5 year property asset classes.
After editing my truck info under my Schedule F for 2021 taxes, TTax says it had enough info to figure my deductions and Federal depreciation, but listed only my actual expenses of gas, repairs etc. No depreciation at all, just a note saying ‘Year 2 of depreciation’.
Is the only way I can depreciate any of my truck in 2021 is to amend my 2020 return, then refile and select I DON’T want to take the Sec 179? Otherwise do I have to wait 5 years before I can take any depreciation?
Thanks for your help,
Richard.
