I own a sole proprietor furniture retail business and am trying to take a 179 deduction on a new truck I purchased for the business in December. I use it 100 % for the business and I am not finding anything regarding a 179 deduction on turbotax.
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you must enter the truck info in the asset entry section for vehicles and from there you should be able to take 179 or special depreciation. 179 is limited to business income special depreciation is not
I am having the same issue. In the vehicle section it never prompts for depreciation and in the Assett section it specifically says not for vehicles. Do you know where the vehicle asset section is?
You need to enter your vehicle in the Vehicle Expenses section of your self-employment income. In order to take the Section 179 Deduction, you will need to report actual expenses instead of taking the standard mileage deduction.
To do this in TurboTax Online you can follow these steps:
I have went through these steps multiple times by myself, with a turbo tax CPA, and Turbo tax tech support and no one could get the software to prompt 179 deduction or a depreciation schedule of anytype. Your CPA understood and could calculate what it should be but your software is experiencing an issue that im assuming is isolated to a small group( maybe self employed adding a second vehicle?). I started an H&R return to compare and it gave me the prompt and the choice of how to depreciate the asset. I would prefer to keep Turbotax because i have used it for over a decade and all of my information and carryover will need to be reentered and calculated if i switch.
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.
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