So my understanding of 179 deduction that you can take the full bonus depreciation of a 6000 lb+ large car/van/truck in the year it was purchased
I bought a van for 60k on october 20.20222. I used it all for business starting the day after October 21. 2022.
We didn't drive it much first year and only had 595 miles at the end of the year. When i put this into business vehicle section in turbotax, it gives me the standard mileage deduction is higher since my miles are so low.
Weird thing is if I put the purchase date and business usage date as January 1 2022, it gives me the bonus depreciation. If i put it to when i actually got the vehicle, it won't.
You'll need to sign in or create an account to connect with an expert.
It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.
You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions:
In TurboTax Online, go to the black panel on the left side of your program and select Tax Tools.
In TurboTax CD/Download versions, go to the black panel on the top of your screen and select Online.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
Thank you very much! Token number is 1119879. I put the actual correct numbers there as of now.
Acquired 10/20/2022 . put in business use 10/21/2022. no personal miles even though it was available for personal use. Heavy van over 6000 pounds. Works if i change dates before June but after June it goes away(179 depreciation and bonus depreciation)
Upon review, you need to mark that you "tracked your personal miles" even though that number is 0. Also, you need to change how you are reporting the miles so you have 100% business usage.
To make these changes in TurboTax you can follow these steps:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ahlopi
New Member
reformedattorney
Level 2
David581
Level 3
RWilson8808
New Member
Traffic Jam Hater
Returning Member