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Hello,
I am finalizing a clients personal return for 2022. This client is self-employed and owns a 100% business vehicle that was purchased in 2022. Please see my question below.
I have added the vehicle to form 4562 and elected the special depreciation allowance. In ProConnect, form 4562 is showing the special allowance deduction (limited to $19.2K), but is not calculating a current year depreciation amount (line 26, column H). Is there an override that must be performed for this amount to be calculated?
Thanks!
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Just to clarify, this is for a 2022 Return. Not for 2023. I believe the 2023 limit is $20.2K.
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That's a great question. I was receiving conflicting information and was under the impression it only applied to special depreciation. I did just read an excerpt in the IRS instructions for form 4562 and it sounds like the limit may apply to total depreciation. So I may have my answer, but would love a second opinion.
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You have your answer - the software already provided you with it.
Slava Ukraini!
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You betcha!
Slava Ukraini!
