Question

section 179 deduction

Forum|Forum|6 years ago
April 16, 2020
1 reply
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I placed a new Chevy Tahoe for use in my business. It's used over 50% of the time for business. I'm being asked by Turbo Tax how much of a 179 deduction I want to take. I have no idea what to put in this box. How do I figure this out. Also, what about "special depreciation allowance? YES or NO?

I also want to make sure the maximum amount of the unused deduction is carried forward for future use.

TurboTax Home & Biz Windows

DavidS127

Both Section 179 expense and the special depreciation allowance allow you to write off up to 100% of the business portion of your asset in the current year. Which is better for you depends on your circumstances.

Section 179 expense gives you more flexibility to choose to write off some of the asset in the current year, and depreciate the remainder over future years. If you write off the entire amount, and your Section 179 deduction exceeds your business income, you can carry the unused Section 179 forward to future years.

The special depreciation allowance can be taken even if it exceeds your business income, and businesses with a net loss qualify to carry forward the special depreciation to a future year.

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Swoodie21

I need my stimulus check. Dont tell me its through the irs because they gave that power to turbo tax. What is the issue why cant I recieve on my turbo card 2 days ago? Is turbo tax keeping money are you guys stealing like what the **bleep**