Re: Section 179 Depreciation for Work Truck over 6,000 lbs

KMCCOMB-PFS · ‎11-22-2022

I am trying to enter a work truck in the depreciation schedule that exceeds 6,000 lbs. The total cost is $65,863. I put it under Autos/Transportation Equip, Method: MACRS 5-year % Vehicles over 6,000 lbs, No Limits. It is still capping the section 179 at $18,200. How do I get it to remove the cap? I tried putting in the full purchase price under Current Section 179 expense and it still won't work.

abctax55 · ‎11-22-2022

2021 or 2022 software?

HumanKind... Be Both

abctax55 · ‎11-22-2022

And which module?

And, why not bonus or have you elected out of bonus?

HumanKind... Be Both

KMCCOMB-PFS · ‎11-22-2022

I am currently in the 2021 software, this is for a schedule C.

KMCCOMB-PFS · ‎11-22-2022

No I did not elect out of bonus, will to do either, Lacerte is not allowing it though.

abctax55 · ‎11-22-2022

Confirm you are using *43* for method.

It is working for me.

Is this the only asset acquired for the year?

Any §179 flowing from somewhere else?

Maybe take out the "category" (shouldn't matter...)?

Delete & re-enter?

HumanKind... Be Both

qbteachmt · ‎11-22-2022

Are you creating a loss?

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AlabamaTaxman · ‎11-27-2022

Did you check to see if the rest of the cost showed up under the regular and/or bonus depreciation schedule?

Or, maybe suppressing the Sec. 179 deduction will put the entire cost under regular or bonus depreciation.

George4Tacks · ‎11-28-2022

This seems to work perfectly - compare it to what you have a tell me the difference

Answers are easy. Questions are hard!