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January 30, 2023
Question

Why doesn't the summary showing the reduced taxable income at the end of business expenses include assets being expense in this year under section 179?

  • January 30, 2023
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1 reply

January 30, 2023

Difficult to say without seeing your tax return.  Are you able to see the section 179 deduction reported on Schedule C or other form when you view your tax return?

 

Is the 179 deduction being displayed?  Perhaps the total cost of the 179 deduction is being limited to your taxable income from the active conduct of a trade or business during the year. See this TurboTax Help.

 

@jack-copeland-ca

 

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January 31, 2023

Thanks @JamesG1 .  The help link you provided gave me the answer.  The deprecated items exceeded my income.  Business startup costs.