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New Member
posted Feb 19, 2022 2:34:57 PM

Why is my assets under self employment a negative number

I added a section 179 vehicle under assets. I realized it should go under vehicle. I removed it from assets but now my assets show a negative number?

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1 Replies
Expert Alumni
Feb 20, 2022 6:35:09 AM

Section 179 depreciation can be claimed on a vehicle if you are claiming actual expenses for the vehicle and not the standard vehicle mileage rate.

 

Did you claim section 179 depreciation on an individual asset other than this vehicle? Section 179 depreciation can be claimed at the screen How Do You Want to Deduct this Item?  There are several options available.  

 

What asset were you claiming section 179 depreciation for?  Please clarify.

 

I wonder whether some error were made in entering or removing section 179 depreciation from this asset.  Section 179 depreciation is only available for an asset purchased in 2021.  You may need to delete this asset and re-enter the asset but do not claim section 179 depreciation.

 

Then go to the vehicle for which you are claiming actual expenses and claim section 179 depreciation on that asset.