Section 179

[gil11]

I have a small business. I bought a truck in 2010. I've always done my own taxes but this year I thought I would try Turbo Tax. When we got to the expenses TT brought up this Section 179. Now I never used the Section 179 when I got the truck because I didn't know about it. Can I still claim what I paid for it now like TT is saying or did I miss the boat with this deduction. I just want to know for sure.

[Mike9241]

you had to take 179 in the year you placed it into service. the question is asking if you did so.

see IRS PUB 946 chapter 2

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a question might be why the truck is not fully depreciated at least to the extent of business use since the tax life is 5 years and your now in year 12. however, there could have been a limitation for certain trucks which could extend depreciation out past 5 years,

[gil11]

I'm just confused as to why TT would even bring it up to me knowing when I bought it. But actually answered the question to when I "owned" the truck was 2016 is when it was paid off.  I figured I paid 25,000. TT says I used it 67.44% for work.