topic Suppose I pay $9500 for a new business car, can I take a 179 for $9500 in Business & farm

Suppose I pay $9500 for a new business car, can I take a 179 for $9500

jmanno1944 — Thu, 06 Jun 2019 14:07:18 GMT

TT says I get zero since I didn't pay more than 12000

$1200 or $12,000?

SweetieJean — Thu, 06 Jun 2019 14:07:19 GMT

$1200 or $12,000?

Is the vehicle used more than 50% for business? Does the...

TaxGuyBill — Thu, 06 Jun 2019 14:07:21 GMT

Is the vehicle used more than 50% for business?

Does the total "earned income" (profit from the businesses and W-2 income) exceed $9500?

I have heard other users have a problem with §179 lately, and deleting the asset/vehicle and reentering it has worked in some situations.

It is a deduction from income, not a tax credit or a refu...

SweetieJean — Thu, 06 Jun 2019 14:07:22 GMT

It is a deduction from income, not a tax credit or a refund.

The Section 179 deduction is limited to the smaller of (a) your income from the trade or business; or (b) $500,000. Any excess deduction is carried forward.