Heavy SUV bonus depreciation help

Forum|Forum|2 years ago
January 16, 2024
9 replies
88 views

Small Bus.

Bought ford expo 7400lb for 40000 in august 2023

I cannot get any prompt in turbotax to take bonus depreciation - it was there in 2022 version... any ideas?

It seems I can enter vehicle as asset and 179 it but it would be limited to $28900 (per current pub 463 which isn't final - maybe this is why bonus dep is not in turbotax 2023 yet???) Is it true that bonus depreciation would not be limited like the sec 179 ?

Thanks,

Andy

ThomasM125

Alumni - Intuit

You need to indicate in TurboTax that you want to take the special bonus depreciation on the screen that says How much do you want to deduct for the business use of this vehicle:

You can deduct up to 80% of the cost of a vehicle using the bonus depreciation allowance in 2023, it is down from the 100% allowance you could claim in 2022. You are correct, bonus depreciation is not limited to net income like section 179 depreciation is.

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andyakAuthor

Level 2

Thomasm125 wait I remember that Q in the section 179 part. I will go and see if that solves it. Thought that used to be in the vehicle bus information walk through in 2022 version.