In Turbotax Business, how do I enter Section 179 and Bonus Depreciation?

Forum|Forum|1 year ago
February 16, 2025
2 replies
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This is for a new vehicle. The software is only allowing depreciation expense and no Section 179 expense. The S-Corp has a positive bottom line to allow for the amount.

PatriciaV

Employee

Review the requirements below to see if your vehicle qualifies for a Section 179 deduction.

The asset must be:

Tangible;
Purchased, not leased, for use in your trade or business;
Used more than 50% in your trade or business (see note below);
Placed in service (purchased, acquired, or converted to business use) during the current tax year; and
Acquired from a non-related party.

See IRS Pub 946 Section 179 Eligible Property for information on the section 179 deduction. "Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business [ie: passive income]), and property that produces royalties, does not qualify."

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ghkunkelAuthor

Unfortunately, this is not helpful. I was looking for instructions on how to enter this info. The vehicle does qualify under the law, but TurboTax does not ask about Section 179, only special depreciation. TurboTax Home and Business does provide this functionality. I was able to address this, though, through the forms function instead of the step-by-step function.

Thank you for responding.