topic Where in TurboTax do I take my Section 179 New Car depreciation? in Deductions & credits

Where in TurboTax do I take my Section 179 New Car depreciation?

irishroseof7exas — Sat, 01 Jun 2019 18:11:04 GMT

You will enter this in the Vehicle expenses section of yo...

JulieR — Thu, 06 Jun 2019 08:30:50 GMT

You will enter this in the Vehicle expenses section of your business return. Click on Income & Expenses, and click "Start/Review" next to Self-employment income and expenses. On the next screen click "Start/Review" next to the business name. On the next screen "Here's your Business info", scroll down to Vehicle and click "Start/Edit" (if you don't see Vehicle in the list, click "Add expenses for this work" and scroll further down the list.). On the next few screens, you'll be entering information about the vehicle. If you want to elect the Section 179 depreciation, you'll need to tell the program you will be deducting "actual expenses" rather than the standard mileage rate.

You'll eventually reach the screen where you select the Section 179 deduction where you may also select the special depreciation allowance. (see screenshot below). Follow the remaining program prompts to complete your entry.

Re: You will enter this in the Vehicle expenses section of yo...

chris1634 — Tue, 18 Apr 2023 13:05:01 GMT

Very helpful, thank you! I would add that if you follow the steps outlined above and never see an option to take the Section 179 write-off, it is because you don't qualify for it. This may be because you did not use the vehicle for business at least 50% of the time (based on the mileage you entered), or for some other reason. It would be nice if Turbo Tax would tell you that somewhere, but it doesn't.