Question

Can I use the 179 deduction if it gives me a loss

Forum|Forum|5 years ago
February 15, 2021
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TurboTax Premier Online

It depends. Yes, you can claim Section 179. However, whether or not you can use the loss in the current year or if the loss is carried to next year depends on your circumstances. Assuming you are a Sole Proprietorship (Schedule C on your personal tax return), claiming the loss created by Section 179 will be allowed IF there is other 'earned income' on the tax return (such as W-2 wages). If there is not enough 'earned income' for the Loss to offset, it will be carried to the next year.

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