Section 179 Carryover

Forum|Forum|5 years ago
March 9, 2021
1 reply
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I don't know how to figure the 179 QBI or the regular section 179. It would seem to me the Turbo Tax SHOULD compute both of these.

TurboTax Business Windows

ThomasM125

Regular section 179 is the depreciation deduction for assets placed into service in the current year for which you take the special depreciation allowance deduction under section 179. It could also include section 179 depreciation carryover from a previous year, that wasn't used because of losses in those years.

You would have to look through your asset entries in the current year where you will see it listed. QBI section 179 would be the section 179 depreciation I just mentioned, to the extent that it applies to qualified business income. In other words, if your business income qualifies for the QBI deduction, then the section 179 depreciation associated with it would be section 179 QBI.

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johntonischultz

Still did not answer my question in regards to where I can find the carryover. I do not have any carryover on my prior years taxes. do i put 0 in that line item?