Solved: I need to take my 179 deduction for purchase of an...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I need to take my 179 deduction for purchase of an SUV over 6,000 pounds and the software will not allow me. ?????????

Obviously Turbo Tax is clueless.  I will do my taxes myself.  Good luck to the rest of you.
1 Best answer

Accepted Solutions
Level 15

I need to take my 179 deduction for purchase of an SUV over 6,000 pounds and the software will not allow me. ?????????

There are certain limitations to the Section 179 deduction.

 

The two primary constrictions are that the asset(s) must be placed in service during the current tax year and the dollar limit on the deduction is capped at the total taxable income from all trades and businesses during the tax year.

 

See https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-...

 

See also https://www.irs.gov/publications/p946#en_US_2019_publink1000299340

View solution in original post

1 Reply
Level 15

I need to take my 179 deduction for purchase of an SUV over 6,000 pounds and the software will not allow me. ?????????

There are certain limitations to the Section 179 deduction.

 

The two primary constrictions are that the asset(s) must be placed in service during the current tax year and the dollar limit on the deduction is capped at the total taxable income from all trades and businesses during the tax year.

 

See https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-...

 

See also https://www.irs.gov/publications/p946#en_US_2019_publink1000299340

View solution in original post

Dynamic Ads
v
Privacy Settings