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purvaz
New Member

how can i add section 179 depreciation? It says My asset is incomplete and cannot be depreciated. Although I reviewed it and it wont tell me what is wrong.

 
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2 Replies
JamesG1
Employee Tax Expert

how can i add section 179 depreciation? It says My asset is incomplete and cannot be depreciated. Although I reviewed it and it wont tell me what is wrong.

Perhaps the asset does not qualify for the section 179 depreciation.  This TurboTax Help states:

 

  • The Section 179 deduction cannot be claimed for business assets that were acquired in a tax-free exchange or from a person or entity with whom you share a close relationship as specified by the IRS.
  • You cannot claim a Section 179 deduction for more than $2,500,000 in qualified assets. The deduction is reduced if the total of all Section 179 assets you placed in service during the tax year exceeds $4,000,000.
  • Your Section 179 deduction amount cannot exceed your net business income for the year, but if it does, you can carry the excess over to a future tax year.
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how can i add section 179 depreciation? It says My asset is incomplete and cannot be depreciated. Although I reviewed it and it wont tell me what is wrong.

For assets that would otherwise qualify, you can not take a 179 deduction until the year the asset is placed into service. This can be later than the year acquired. 

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