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Section 179 deductions are limited to the net income of the business. Perhaps that's the limitation Turbo Tax is reporting.
Section 179 deductions are (1) not allowable for a rental, and (2) limited to the "profits" of a business. (Some of the special depreciation writeoffs, including the currently proposed 100%, are allowable for rentals.)
Isn't the answer that the max depreciation I can take is limited to $25,000 for this vehicle, therefore I must reduce the $42,299 down to a max of $25,000? I dont' need a reply, I just don't think that I got the answer I was looking for, as I had to look it up my self and figure out that the max depreciation I could take was $25,000 for this vehicle that is over 6,000lbs.. I'm willing to pay you a little bit, but don't feel I got the correct answer. How about $15 for your time.
You're absolutely correct. My apologies.
You may need to recheck to see if the section 179 deduction is limited to $25K or 90% of $25K.
And, finally, I don't think there's any way for you to pay me less than the amount offered, through Just Answer. I'll see if the management is willing to adjust the value of the question down. You'll be informed if they are.
OK, the cost has been reduced to $15.