You'll need to sign in or create an account to connect with an expert.
Because you did not elect out of Bonus depreciation, the law says the $6459 can't be used until 2024.
Because you did not elect out of Bonus depreciation, the law says the $6459 can't be used until 2024.
Thanks for your prompt answer. I was not aware of the bonus depreciation when working on my 2018 tax return. Can I amend the 2018 return or manually change it this year (2019)?
The only way to fix it now is to amend 2018 and NOT take Section 179 (use Bonus depreciation instead, which will usually give the same result on the Federal return).
Thanks for your helpful answer!
In this case, will $6,459 be used as a depreciation expense in 2024 as a lump sum or depreciated overtimes?
It would be limited to the usual vehicle limits, so assuming it is always 100% business usage, most would be used in 2024 and the remainder in 2025.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
malvinchip
New Member
Irasaco
Level 2
dmarchello
New Member
burner718
Level 2
KBWright5
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.