I am a real estate agent and I bought a new vehicle over 6000 lbs in Dec 3rd week and used for around 200 miles. Turbotax doesn;t give me an option to select 179 deduction to deduct the purchase price and instead only gives me a few hundred dollars as the deduction. What can I do to deduct the whole purchase price?
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Did you have sufficient income? Your Section 179 deduction amount can't exceed your net business income for the year, but if it does, you can carry the excess over to a future tax year.
Yes, my income was way more than the vehicle purchase price. I just followed the wizard in Business Income and Deductions section and answered all questions, but never encountered a question asking for how much deduction I want to use this year vs spread it across. Also, I went to the Forms section and don't even see Section 179 form. Not sure whats causing it and where to enter the info
Did you ever get an answer to this question? I need to do the same thing and the wizard is not giving me the option to list a Section 179.
Section 179 deduction may only be claimed on an asset that is more than 50% business use.
It seems to me that when you enter a new vehicle, the program asks for mileage driven, business, total miles, and miles for commuting.
I think it is easy to over-look this screen if you plan to use actual expenses, HOWEVER the programs uses the percentage of business to personal mile to determine if the vehicle is used more than 50%.
Please go back through the interview of adding the vehicle and check the number of miles you entered.
@kuber1
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