Question

Section 179 vehicle

Forum|Forum|5 years ago
April 8, 2021
1 reply
0 views

I've entered my new vehicle as a Section 179 deduction and the amount shows on the car and truck worksheet, and as a deduction on the summary of my vehicles but the amount does not flow to Schedule C line 13.

J

JamesG1

Perhaps you do not qualify for section 179 because you are already reflecting a net loss for the self-employment activity?

This TurboTax Help states:

The deduction cannot be more than your earned income (net business income and wages) for the year.

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B

Bobbuilder1103

JamesG1,

In very late December of 2020, I purchased a used semi truck and a used semi trailer and also purchased $9448.00 worth of replacement parts + labor to bring both up to "road ready" to prevent break downs while on the road. Purchase price for Truck = $22,800. Purchase price for trailer = 1095.00. Total Investment = $43,198.00

I have not filed a separate "C corporation" yet as I have just landed my first contract to put both truck & trailer to work next month. I would like to claim these as a sole proprietor for 2020. Where may I claim both business investments and these business expenses in Turbo Tax Home & Business 2020. Thank you very much for your expert advice.

BobBuilder1103