One reason why you may not be getting the Section 179 deduction is because of the business income limitation. This is how it works:
- The total qualified section 179 cost that can be deducted is limited to your taxable income from the active conduct of a trade or business during the year. This business income limitation is calculated on Form 4562, line 11.
- If the business income isn't large enough for the full section 179 expense amount to be deducted, a section 179 carryover is calculated on line 13.
If you are using TurboTax CD version or the TurboTax download version you can switch to the Forms mode (upper right side of your screen) and view the tax forms your return has generated. Review Form 4562 and see if any of the above amounts have been generated.
If you are using the TurboTax Online version, you will not be able to view Form 4562 until after you have completed your return in full and paid the TurboTax fee.
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