I purchased a van in 2021 and use it 50% of the time for business use. I purchased the Turbotax Premier and am reporting this business on Schedule C. Can I claim the special depreciation or Section 179 for the purchase of this vehicle? If so, can you please advise on how I can add it? For now, I added the vehicle under the "cars, trucks, and other vehicle expenses" section and it is not calculating the special depreciation or giving me an option to claim the Section 179 deduction. Thank you!
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Needs to be more than 50%
So if it's 51%, how can I claim it?
You must declare over 50% business use and you must deduct actual costs of maintaining a vehicle that was used for business purposes. Actual costs includes vehicle depreciation over five years. See this TurboTax Help.
To access vehicle expenses against self-employment income, follow these steps.
Follow the screens that ask for vehicle information.
At the screen How much do you want to deduct for the business use of this vehicle? you will be given the option of Section 179 Deduction if you tax return qualifies for the deduction.
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