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New Member
posted Oct 13, 2020 7:31:59 AM

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.

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1 Best answer
Level 15
Oct 13, 2020 8:41:17 AM

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-cuts-and-jobs-act

 

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

1 Replies
Level 15
Oct 13, 2020 8:41:17 AM

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-cuts-and-jobs-act

 

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