SECTION 179 DEDUCTION FOR VEHICLE

[CAPTAINJW22]

How do I choose the 179 deduction for a new vehicle purchased in 2021 for my business? I chose the actual expense method but never got the option for the 179.

[Critter-3]

Did you enter the vehicle as an asset yet ?? 

[CAPTAINJW22]

No, I entered it as a new vehicle. There was not an area to add a business vehicle as an asset on the assets summary page

[Critter-3]

Switch to the FORMS mode and look at the asset summary page to  review your entries.  If this was a new asset you should have the option to use the 179 deduction and/or the bonus depreciation and/or regular depreciation. 

[CAPTAINJW22]

THANK YOU FOR THE ADVICE. I AM NOT AN ACCOUNTANT, THAT'S WHY I BOUGHT TURBOTAX. IS THERE A WAY TO DO IT THROUGH THE STEP-BY-STEP?

[Critter-3]

All input should be made in the step by step mode  and not in the FORMS mode ... review for acuracy in the forms mode is wise. 

Return to the asset input section to complete or correct any information needed.