See IRS instructions to Form 4562 Table 2 https://www.irs.gov/pub/irs-pdf/i4562.pdf on page 13
Auto placed in service in 2019 then second year limit on depreciation in 2020 should be $16,100 (if 100% business use). but 2020 Turbotax home and biz Form 4562 Part V is only allowing $10,666
An article on the subject at https://intuit.me/3jIqi8w agrees with the regulations but home and biz doesn't
Thank you for your interest. The purchase price in May 2019 was 66,668 and the bonus depreciation for year #1 in 2019 was limited to $18,100 (for 100% business use) per the footnote to Table 2 in the 2019 instructions https://www.irs.gov/pub/irs-prior/i4562--2019.pdf on page 13:
"If you take the special depreciation allowance for qualified passenger automobiles acquired after September 27, 2017, and placed in service in 2019, the limit is $18,100. "
The $16,100 figure (for the same vehicle in 2020, now in its second year of depreciation) appears in Table 2 of the 2020 instructions linked to in my original question. I imagine there's an inflation factor that added the extra e $100 for the year two figure.
I don't think the 5-year MACRS tables apply here where we elected the bonus depreciation scheme.
Edited to add: I’ve somehow gotten the 2020 home &business program to accept the correct $16,100-based figure (60% of $16,100 because my business use is 60%). Problem solved!
What is the purchase price of the car? You are allowed 32% as a second year depreciation amount. The Intuit article you reference applies to luxury cars and allows only $16,000 should your 32% of your BMW M850i amount to more than that.
Thank you for your interest. The purchase price in May 2019 was 66,668 and the bonus depreciation for year #1 in 2019 was limited to $18,100 (for 100% business use) per the footnote to Table 2 in the 2019 instructions https://www.irs.gov/pub/irs-prior/i4562--2019.pdf on page 13:
"If you take the special depreciation allowance for qualified passenger automobiles acquired after September 27, 2017, and placed in service in 2019, the limit is $18,100. "
The $16,100 figure (for the same vehicle in 2020, now in its second year of depreciation) appears in Table 2 of the 2020 instructions linked to in my original question. I imagine there's an inflation factor that added the extra e $100 for the year two figure.
I don't think the 5-year MACRS tables apply here where we elected the bonus depreciation scheme.
Edited to add: I’ve somehow gotten the 2020 home &business program to accept the correct $16,100-based figure (60% of $16,100 because my business use is 60%). Problem solved!