Skip to main content
April 24, 2021
Question

trying to claim section 179

  • April 24, 2021
  • 2 replies
  • 0 views

trying to claim section 179 for a vehicle purchased in Oct 2020 but turbo tax isnt prompting me. business does have positive income so I am not sure why its not prompting me?

2 replies

April 24, 2021

Are you entering this vehicle in the Business Vehicle Expense section (under Business Expenses in the Business tab)?

 

Ensure that you select the option to use actual expenses and not standard mileage.

ColeenD3
April 25, 2021

Is it used less than 50% for business?

 

To qualify for a Section 179 deduction, the asset must be:

  • Tangible (you're able to touch it, which excludes intangible assets like patents or copyrights);
  • Purchased (not leased) for business use;
  • Used more than 50% in your business;
  • Placed in service (i.e., purchased, acquired, or converted to business use) during the current tax year; and
  • Acquired from a non-related party.