I bought a new truck in 2022. Apparently, I only took the bonus depreciation for that year which created a relatively large loss for the business. I did not use Section 179. I'm trying to figure out if I should have also taken the Section 179 deduction in addition to the bonus depreciation; and also trying to determine how to carry the loss created by the 2022 bonus depreciation into 2023.
Lastly, is it worth revising my 2022 return to include section 179?
if properly done for 2022, the entire cost should have been expensed using bonus depreciation. so taking 179 would be moot
look at form 4562 page 2. is the bonus depreciation line 25 the same as the cost on line 26?
Thanks for your response. Hopefully that means I made the right choice at least! The depreciation deduction on line 25 is lower than the cost on line 26. Not sure if it matters but this business had a large project in 2022 that didn't pay until 2023, so income showed really low for 2022. I also have another business that uses the vehicle but didn't reach the 50% threshold.