I have an asset costing less than 2500 that I want to enter and claim it as a section 179. I go to
Business Income And Expenses
Business Assets
Assets Being Depreciatied - I click on Update
Any large purchases - Yes
Did you buy any items costing less than 2500 in 2024 - Yes
Let's see if you can deduct these..... - Yes and Yes
Now let's review each item you bought "Every item I bought was less than 2500" Check continue..
I loop back to the main page - of Business income and expenses - every time I try
The asset is a computer - so I do not want to enter it as Other Miscellaneous Expenses
My wife's business is also on this return, I was able to successfully enter her asset, but not mine. Note, she did have a 4562 the previous year - I did not - maybe that has something to do with it.
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You have to trick it into letting you enter it as an Asset by telling the program that you did not purchase anything less than $2500. Then you can continue to enter the information as an Asset for depreciation and choose the Section 179 deduction.
You have to trick it into letting you enter it as an Asset by telling the program that you did not purchase anything less than $2500. Then you can continue to enter the information as an Asset for depreciation and choose the Section 179 deduction.
Thank you so much. I thought I tried everything over my six hour struggle. Much Appreciated.
HELLO Intuit - users should not have to fool the program into working correctly.
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