Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rt1115
New Member

How do I use sec 179 deduction to deduct 100% of the cost of a new truck with turbo tax self-employed?

 
1 Best answer

Accepted Solutions
tagteam
Level 15

How do I use sec 179 deduction to deduct 100% of the cost of a new truck with turbo tax self-employed?

You need to enter the asset (truck) in the Business Expenses section (Business Vehicle Expense) of the program.

 

Note that there are income limitations for the Section 179 deduction and also a maximum amount allowed for light trucks (under 6,000 lbs).

View solution in original post

1 Reply
tagteam
Level 15

How do I use sec 179 deduction to deduct 100% of the cost of a new truck with turbo tax self-employed?

You need to enter the asset (truck) in the Business Expenses section (Business Vehicle Expense) of the program.

 

Note that there are income limitations for the Section 179 deduction and also a maximum amount allowed for light trucks (under 6,000 lbs).

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings