Question

Section 179 depreciation

Forum|Forum|4 years ago
March 7, 2022
1 reply
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I bought breeding cows in 2021. I enter them a cow at a time on my depreciation schedule.

In the past, I’ve watched my tax bill diminish as I enter each cow’s information. This year, after entering a few cows, subsequent cow entries do not lower my taxes even though it says I qualify for the depreciation expense. It does show up on my depreciation schedule, as section 179 depreciation, but does not lower my tax bill. What’s up?

TurboTax Home & Biz Windows

M

Mike9241

you may be facing the business income limitation. while every cow may qualify for the 179. the actual amount allowed in any year is limited to business income. form 4562 line 11. any excess is a carrtyover