LSTAX
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01-11-2021
01:20 PM
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I have a large new truck (over 6,000 lbs) placed in service this year. As long as I choose MACRS 5 year % Vehicles over 6000 lbs, No Limits from the "Method" drop down on screen 22 I get the full cost of the truck on form 4562 Part IV (Summary)line 21 Listed property. I have to enter the cost under Current Section 179 expense in order to have the cost show under Part I line 2. Either way I get the write off in year one. What is the technical difference/interplay between the screen fields?
Also, unless I enter the amount under Current Section 179 expense the California 1=not eligible for state Section 179 {CA only} does not apply.
Thank you
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