I cannot figure out how to deduct the full purchase amount of a truck used 100% for my business with a >6000 pound GVWR and over 6 foot cargo bed. If I enter it in as a vehicle using TurboTax Home and Business Desktop 2024, it seems to limit my deduction to 60% (I assume bonus depreciation). I would like to take the full deduction of the purchase price in this first year of service, which should be allowed under section 179 for vehicles with a >6000 lbs GVWR and cargo space of at least 6ft. I can enter it as an asset but that doesn't seem right and it doesn't use Part V of form 4562 for listed property, which, as I understand the instructions, should be used for automobiles. Please let me know what the intended method of entering this type of business vehicle is in my version of TurboTax.
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You have to enter the vehicle information. When you get to the screen that asks you if you want to deduct mileage or take the actual deductions you must keep going. You will eventually see "How much do you want to deduct for the business use of this vehicle?" which has the 179 option.
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