Vehicle Bonus Depreciation for Real Estate Enterpise in TurboTax Premier

Forum|Forum|2 years ago
March 21, 2024
1 reply
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I am using TurboTax Premier and have set up a real estate enterprise consisting of multiple rental properties.

I purchased a truck this year with a GVWR over 6000 pounds and use it 100% for this real estate enterprise.

I would like to take advantage of the section 179 bonus depreciation but I cant seem to find where I would enter this information?

Hoping some one could help me out.

Thanks!

ThomasM125

First, you need to make sure you are choosing the actual expenses method as opposed to the standard mileage method of deducting expenses for your business vehicle to see the section 179 option.

You should see an option to choose the section 179 deduction when you enter your vehicle in the rental section of TurboTax:

You would have to indicate that the vehicle is over 6,000 pounds gross vehicle weight:

Also that the vehicle is used more than 50% for business use:

Also, the vehicle would have to have been put into service for the business in the current year.

[Edited 3/21/23 at 7:03 PM PST] @enijjer

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enijjerAuthor

Thanks for the quick response.

Unfortunately I don't see any of this in my version of Turbo Tax (Premier).

Do I need to upgrade to Home and Business to get these options?

All of my rentals are under the "Rental Properties and Royalties" Section. When I go into that section I can see each of my rental properties. Then under each property I see a section where I can add "Vehicle Expenses." Which I did but there was nothing about section 179.

Am I in the wrong section?

enijjerAuthor

I figured it out. I was taking the standard mileage deduction but what I needed to do was check to see if actual expenses would give me a bigger deduction. In this section I found the section 179 stuff.