I put a light suv used in my business into service 11/30/21 with cost 50199. On 2021's return, TurboTax correctly calculated the section 179 deduction as $16264 where business use was 89.36% (2021 cap 18,200 x 89.36% = 16264)
Now on 2022's return, where the truck is used 93.89% business use by mileage record and actual expenses are used, TurboTax's automatically calculated 4562 report in landscape shows 0 depreciation for 2022 as follows:
Desc Code In Service Cost %Bus Sec 179 Basis Life Method Prior Current
SUV A 11/30/21 50199 93.89 16264 30868 5 200DB/MQ 0 0
The Car and Truck worksheet for this asset says
Depr Type: MACRS
Assist Class: 5
Depreciation Method: 200DB
MACRS Convention: MQ
Recovery Period: 5.00
Year of Depreciation: 2
Depreciable Basis: 30868
But, Line 38, Depreciation Deduction is "0". I was under the impression that after the first year section 179 deduction in 2021, Turbotax would automatically calculate the remaining years of depreciation for this asset starting this year and for the remainder of the life of the asset. How do I get Turbotax to calculate the second year depreciation or if I have to calculate manually, where do I enter it.
Thanks for your assistance,
John
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Found the solution so am posting in case anyone else has the same problem. Pretty much the same as the scenario in this link except that I have always had > %50 business use.
Basically, I unchecked "Economic Stimulus - Qualified Property" (line 36a) and my depreciation deduction for 2022 shows up. Logic is that it was eligible only the first year (2021), and not second year, but I don't know why TurboTax transferred that field to 2022 since it was not applicable.
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