Question

Why is Section 179 not working in Turbotax software?

Forum|Forum|4 years ago
April 18, 2022
1 reply
0 views

I am a real estate agent and I bought a new vehicle over 6000 lbs in Dec 3rd week and used for around 200 miles. Turbotax doesn;t give me an option to select 179 deduction to deduct the purchase price and instead only gives me a few hundred dollars as the deduction. What can I do to deduct the whole purchase price?

TurboTax Home & Biz Windows

ColeenD3

Did you have sufficient income? Your Section 179 deduction amount can't exceed your net business income for the year, but if it does, you can carry the excess over to a future tax year.

K

kuber1Author

Yes, my income was way more than the vehicle purchase price. I just followed the wizard in Business Income and Deductions section and answered all questions, but never encountered a question asking for how much deduction I want to use this year vs spread it across. Also, I went to the Forms section and don't even see Section 179 form. Not sure whats causing it and where to enter the info