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Level 4
posted Apr 15, 2025 6:00:09 PM

Does section 179 work for federal tax for tax-year 2024?

Does section 179 work for federal tax for tax-year 2024?

My TurboTax app shows "your deductibles $0" for federal.

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1 Replies
Expert Alumni
Apr 15, 2025 6:10:34 PM

Yes.

Section 179 deduction may be used for a business asset that was placed new into service that tax year (2024) and if the deduction does not cause a business loss.