topic Form 4562 line 26 in Business & farm

Form 4562 line 26

Benny12 — Sun, 16 Feb 2025 17:23:22 GMT

I bought a new truck the end of 2024. Took a 179 deduction and will depreciate balance. TT fills in the 4562 but leaves line 26 blank. According to the IRS this needs to be filled out for a "first time" asset placed into service. I decided to manually fill it out and it changes parts of the 4562. Don't understand why TT won't fill it out and not sure what to do.

Re: Form 4562 line 26

KrisD15 — Sun, 16 Feb 2025 17:29:53 GMT

TurboTax bases the percentage of business use on the mileage you enter in the vehicle expense interview.

Please review those entries to ensure that the Business Miles are more than 50% of the total miles you report driven.

Re: Form 4562 line 26

Benny12 — Sun, 16 Feb 2025 18:14:00 GMT

Hi Kris. Thanks for your response. I went back and reviewed my whole return, not just the 4562, with my manual input and it changed everything! Doubled the 179 deduction etc. So I went back and deleted my input on line 26. Anyway, the truck was purchased 12/28, driven home (about 6 miles) and not used at all until later in January. I just left the Section B mileage part blank. Maybe that's why TT left line 26 blank. ?? Truck is 100% business.

Re: Form 4562 line 26

KrisD15 — Mon, 17 Feb 2025 17:52:47 GMT

Yes, that would explain that part.

To claim Section 179 Deduction, the vehicle must be new/purchased and put into service for that tax year. You might want to enter those 6 miles as business miles if you picked it up as a business-related task. If not, it wouldn't be eligible.

Re: Form 4562 line 26

Benny12 — Mon, 17 Feb 2025 18:47:05 GMT

Thanks Kris! I'm glad you said that about the mileage. I was thinking of doing that so now I will !