I do have a carryover from last year on line 13 form4562. however my expenses was more than my income. Filing joint return with my husband who has W2.

[julie-adams-19]

Can I still carryover?

[PatriciaV]

Yes, you may report a Section 179 Depreciation Carryover from a prior year on your current return, even if you have a net business loss for the year.

By entering this on your current return, the carryover will be available next year if you cannot use the deduction this year. Follow the instructions below to enter your carryover amount:

The easiest way to find Schedule C in TurboTax is to use the Search box at the top right side of the TurboTax header. Enter "schedule c", hit Enter, then click on "jump to schedule c". This will take you directly to the start of this section where you can set up your business and enter your income & expenses.

Or go to My Account >> Tools >> Topic Search. Type in "schedule c", click the topic in the list, then click "GO".

1. Continue to the list of businesses on your return and click Edit beside the business you need to work on.
2. Click Continue at the bottom of the Business Summary page.
3. The next page is titled "Other Situations" (see screenshot #1 below - click to enlarge).
4. Check the box for "I have unused section 179 expenses..." and Continue. 
5. The next page allows you to enter the amount from Form 4562 Line 13. (Note the Learn More info in screenshot #2).
6. Continue to the end of the section.

If you are unable to use the carryover this year, TurboTax will include the amount to your return next year.

[jksummers608]

I am getting an error when I do the review on my tax return for the 179 deduction.  2018 was the last year I had this business.  Should the carryover be zero for 2019??

[VictoriaD75]

Yes. If you no longer have the business, all carryover items must be discontinued. Did you mark that 2018 was the last year in business when you completed the return for that year? If not, you may have to amend your 2018 return to indicate that you are no longer in business.

You must report the recapture amount of a prior-year Section 179 deduction as income if any of the following occurred before the asset's recovery period (or useful lifespan as defined by the IRS) was up:

• You stopped using the asset in your business
• Business use of the asset fell below 50%
• You sold or otherwise disposed of the asset
• The asset was stolen or subject to a casualty

The amount you report as income is the portion of the deduction that would have remained had you used standard depreciation instead of Section 179. This is known as Section 179 recapture.

IRS Publication 946

[TrinBookkeeper]

Is there a way to do this in TurboTax Self Employed if you file a Schedule E instead of a Schedule C? I am trying to figure out where to enter my prior Section 179 depreciation carryover that was previously disallowed (it was reported on Part 1 of my 2018 Form 4562) so that it can be taken in 2019 since I have enough rental profit this year to finally use it.

[MaryK4]

Go back to the Rental Property information and Edit.  Go through the screens until you see Do Any of These Situations Apply to This Property?  (See below)

@TrinBookkeeper

[danbrowsin]

I think I need to be more specific. I purchased a work vehicle for $12,900 late in 2018. I entered it as a 179 deduction for $500 on my Schedule C in 2018. (I discovered that I was going to get an unexpected refund of $8000 and decided it would likely serve me better in 2019) I am currently finalizing my 2019 returns and realize that I am also eligible for a refund of about $6000 in 2019 (thank you Donald Trump) Now i don't know my options to get credit for the unused 12,090 or so of 179 eligibility. Can you advise?

[danbrowsin]

I think I need to be more specific. I purchased a work vehicle for $12,900 late in 2018. I entered it as a 179 deduction for $500 on my Schedule C in 2018. (I discovered that I was going to get an unexpected refund of $8000 and decided it would likely serve me better in 2019) I am currently finalizing my 2019 returns and realize that I am also eligible for a refund of about $6000 in 2019 (thank you Donald Trump) Now i don't know my options to get credit for the unused 12,090 or so of 179 eligibility. Can you advise?

[mimiwatts]

I mocked that blank and put in my section 179 carryover and it placed it on schedule E with my depreciation and specified carryover not on form 4562 line 10.  Hopefully the,irs will accept this. I did write and explanation on line 10.  

Old trick I learn, declare all with notes.