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Esther28
Returning Member

Re: Form 4562: Section 179 Summary: Line 12

I have an error on this section, but I don't know how to fix it.  When I go back to the worksheet it has 0.  I am not a tax expert I don't know what to do. Please help.

 

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1 Reply
MarilynG1
Expert Alumni

Re: Form 4562: Section 179 Summary: Line 12

You can only take a 179 Deduction on an newly purchased Asset that is first being used for Business in 2023.

 

If you are trying to take a 179 deduction for an asset when you shouldn't be, you may get this message.

 

You can review the Asset Entry Worksheets for any new assets you entered this year to see which may not qualify for 179, and delete/re-enter the asset, not choosing 179. 

 

Click this link for some detailed info on Depreciation of Business Assets you may find helpful.

 

Here's more discussion on 179 Errors.

 

@Esther28 

 

 

 

 

 

 

 

 

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