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April 2, 2024
Question

Section 179 Adjustment - (Subtraction for california)

  • April 2, 2024
  • 2 replies
  • 0 views

On federal I am getting deduction calculation as $20200 for Tesla model Y I bought for business use only

But on California side its adding it back as adjustment

Can i remove it?  I thought upto 25K Federal and CA deduction is same - no adjustment needed on California side

    2 replies

    KrisD15
    April 2, 2024

    Did you use the Section 179 for any other assets for tax year 2023? 

    Any carryover form 2022?

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    Side_GigAuthor
    April 2, 2024

    No - Only one car bought in 2023, no 2022 carryover as business start was 2023 - I am SMLLC

    KrisD15
    April 10, 2024

    For California the deduction will be limited based on the business income.

    Was the business income 20,200 after expenses and before the 179? 

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    Side_GigAuthor
    April 10, 2024

    Yes it is 100k +

    KrisD15
    April 16, 2024

    Is the assets placed into service for 2023 more than 200,000? 

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