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Returning Member
posted Apr 2, 2023 7:14:21 AM

Section 179 for depreciation of passenger vehicles

Turbo Tax allowed me to take the full cost of a new vehicle purchased and placed in service for my business in 2022 however, the code states there are limits on this.  $11,200 is the limit in year one or $19,200 if you take the special depreciation allowance.  Is this a glitch in Turbo Tax?  I am using Turbo Tax Home & Business.

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3 Replies
Expert Alumni
Apr 2, 2023 8:05:57 AM

Review what type of vehicle that you selected at the screen Tell us about your vehicle.

 

 

The restrictions you mention refer to vehicles under 6,000 pounds.  Other categories may not have these restrictions.

 

See Car Defined page 16 here.

 

@GJD16 

Returning Member
Apr 2, 2023 8:24:51 AM

The vehicle is a passenger vehicle less than 6,000  LBS.  I entered the information in Business Asset Section within the Business Income and Expense section of Turbo Tax.  I included this in my description, but Turbo Tax does ask for this information specifically.

Returning Member
Apr 2, 2023 8:27:00 AM

My point with this question is I needed to look up the tax code in order to take the correct depreciation amount.  Shouldn't Turbo Tax provide this for me if I enter the correct information?