Vehicle Bonus Depreciation for Real Estate Enterpise in TurboTax Premier

[enijjer]

I am using TurboTax Premier and have set up a real estate enterprise consisting of multiple rental properties.

I purchased a truck this year with a GVWR over 6000 pounds and use it 100% for this real estate enterprise.

I would like to take advantage of the section 179 bonus depreciation but I cant seem to find where I would enter this information? 

Hoping some one could help me out. 

Thanks!

[ThomasM125]

First, you need to make sure you are choosing the actual expenses method as opposed to the standard mileage method of deducting expenses for your business vehicle to see the section 179 option.

You should see an option to choose the section 179 deduction when you enter your vehicle in the rental section of TurboTax:

You would have to indicate that the vehicle is over 6,000 pounds gross vehicle weight:

Also that the vehicle is used more than 50% for business use:

Also, the vehicle would have to have been put into service for the business in the current year.

[Edited 3/21/23 at 7:03 PM PST] @enijjer 

[enijjer]

Thanks for the quick response. 

Unfortunately I don't see any of this in my version of Turbo Tax (Premier).

Do I need to upgrade to Home and Business to get these options?

All of my rentals are under the "Rental Properties and Royalties" Section. When I go into that section I can see each of my rental properties.  Then under each property I see a section where I can add "Vehicle Expenses." Which I did but there was nothing about section 179.

Am I in the wrong section?

[enijjer]

I figured it out. I was taking the standard mileage deduction but what I needed to do was check to see if actual expenses would give me a bigger deduction. In this section I found the section 179 stuff.

[bne4632]

@enijjer I couldnt figure this out. As you do,  I listed all my properties under rental and loyalities in my regular income(not llc), in one of those properties, I add my truck and tried every option to see section 179.

Only deduction i get is the gas mileage and it is few hundred dollars only. not sure what I'm missing.

Any help would be highly appreciated

[PatriciaV]

To claim Section 179 for a Rental Property, you must be a real estate professional, or it must be a commercial rental property. Also, this must be the first year you used the vehicle for your business.

If you pass these tests, be sure check the box to enter actual expenses (not the standard mileage deduction) on the page "You've got a standard mileage deduction of $X,XXX." Complete the entries, including claiming Special Depreciation if you wish.

You must use TurboTax for Desktop in order to enter an amount for Section 179. If you're using TurboTax Online, see How do I switch from TurboTax Online to the TurboTax software?

Now add the Section 179 deduction using Forms Mode.

1. Click the Forms icon in the TurboTax header. 
2. In the list of Forms in My Return on the left, scroll down and look for Car & Truck [Type of Vehicle]. 
3. Click the form name to open it in the large window. 
4. Scroll down to Partn VI Line 34.
5. Enter the amount of Section 179 deduction you wish to take. Note if this is a luxury vehicle, the deduction may be limited.
6. Your Special Depreciation amount will automatically be adjusted.
7. When you're finished, click Step-by-Step in the header to return to the main screens.

@bnemutlu