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FACTS: On January 10, 2023 my Sch. C client bought a used heavy duty van he used 89% for work in 2023, the vans has a depreciable basis of $15,808. I did not include the van in the original 2023 return and I am now doing a 1040X to include depreciation and a $10,000 section 179 deduction. In the original return I used the standard mileage deduction of 36,000 work-miles. ISSUE: doing the 1040X I accessed the auto schedule, entered the $10,000 section 179 (also entered other amounts with the same result) but the depreciation is not reflected in any of the forms – there s no change in the amount due for 2023. The depreciation is not recognized. The program issued a depreciation schedule for the van with some odd numbers. Intuit customer support (level 1) was unable to resolve my problem. Any ideas as to I am doing wrong?
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You can take standard mileage rate or the business percent of actual expenses - subject to various rules.
If you still have standard mileage rate in the return you won't get depreciation.
The more I know the more I don’t know.
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You can take standard mileage rate or the business percent of actual expenses - subject to various rules.
If you still have standard mileage rate in the return you won't get depreciation.
The more I know the more I don’t know.
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on the auto work sheet go to line 24 and check box to force method.