mrichman333 Posted March 17, 2015 Report Share Posted March 17, 2015 I'm having a problem with the form 4562 (depreciation) input screen or I'm confused on sec. 179 deductions. TP purchased a Van for his business $27,000. First year Dep. is $3,460 and I wanted to take a Sec. 179 for $7,000. No mater what I do I cannot get any sec. 179 deduction. Can I not take a sec.179 deduction on a Van? OR I'm I not understanding how to use the input screen? Thanks Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 17, 2015 Report Share Posted March 17, 2015 There is a check box on the 4562 input screen that says "Check here, if it is a section 179 property. This is under the Section 179 Election and Special Allowance section about half way down the page. It took me a bit to find this as well. Just put the amount on the "Section 179 Elected Cost. if any. Hope this helps Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted March 17, 2015 Author Report Share Posted March 17, 2015 More info. This is a Cargo Van that's in Not likely to be used for personal use. If I'm understanding what I'm reading if it's over 6,000 lbs. like a Hummer there is no limit. So if the van is under 6,000 lb it is limited. Most work van are under 6,000 and you would not want to use it for personal use, But a nice hummer is not limited . How can up with that??? Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted March 18, 2015 Author Report Share Posted March 18, 2015 Time for a computer share. No matter how I enter the information, when I click on assets and total the dep. and sec 179 that it shows for the 5 year life comes to either more then the $27,000 or less then the $27000 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted March 18, 2015 Author Report Share Posted March 18, 2015 (edited) So I took Sec. 179 on two grouped items for the total cost of $6,665. When I click on assets the info for the current year is correct, current Sec 179 $6,665 Current Depreciation $0 The when I look at " Depreciation for future years" It show depreciation for the two items I totally Sec. 179 For the 27,000 Van I took $9,000 Sec 179 and $6,300 dep. The Future Dep. for the Van shows 7,020, 4,212, 2,972.70, 2,972.70, 372.60 Total = $17,529.5 + Sec. 179 of $9,000 and current dep. 6,300 = $32,289.5 It appears it is dep. the full value on all the items and not taking into account the 179 deduction Edited March 18, 2015 by mrichman333 Quote Link to comment Share on other sites More sharing options...
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