ljwalters Posted March 10, 2011 Report Share Posted March 10, 2011 I was inputting auto expense for a small new business (a mere 680 bus miles). All of a sudden the message “choosing standard mileage is an election to exclude vehicle from MACRS per Code Sec 168…” When I check the election tab, it has put her info under the partnership information. I start another return that has standard mileage for a different sch C and that one does not bring up this election. Which is right and how do I fix the other one. Is this election new, wrong, or something I have missed all these years? Linda and buddy Quote Link to comment Share on other sites More sharing options...
taxdan Posted March 11, 2011 Report Share Posted March 11, 2011 I jumped on the message board today to ask this exact same question. The first client this happended to, I just thought the election page that popped up was an error and I deleted it. The next time it happened I realized it popped up for a reason. Quote Link to comment Share on other sites More sharing options...
Maribeth Posted March 12, 2011 Report Share Posted March 12, 2011 I was inputting auto expense for a small new business (a mere 680 bus miles). All of a sudden the message “choosing standard mileage is an election to exclude vehicle from MACRS per Code Sec 168…” When I check the election tab, it has put her info under the partnership information. I start another return that has standard mileage for a different sch C and that one does not bring up this election. Which is right and how do I fix the other one. Is this election new, wrong, or something I have missed all these years? Linda and buddy That election has always been there --- well, at least for many, many years, ever since ACRS. If you take the standard mileage rate in the first year of use, you have elected to treat the vehicle as being depreciated under SL. You can never, ever take accelerated depreciation on the vehicle. If you swith to actual in a future year, you will use SL depreciation. Maribeth Quote Link to comment Share on other sites More sharing options...
taxdan Posted March 12, 2011 Report Share Posted March 12, 2011 I knew that election has always been there, I just don't remember the Elections page popping up automatically when you choose to take the standard mileage deduction. Quote Link to comment Share on other sites More sharing options...
ljwalters Posted March 13, 2011 Author Report Share Posted March 13, 2011 I knew that election has always been there, I just don't remember the Elections page popping up automatically when you choose to take the standard mileage deduction. Ditto. I tried putting in the same info in a 2009 retrurn (bogus of course) and the election page did NOT pop up. They seem to have changed the program in some manner. Speaking of program changes, my first self-employed medical insurance SE deduction went just fine. When I went to recreate and efile the return (after 8879’s returned) I almost sent it off with 3,000 dollars additional taxes due. The program updates had reversed the deduction and I had to go back in and enter the amount on the SE form. This could have been a disaster. I found the change truly by accident. I may be just ranting BUT if you have any of those still sitting in your open files you might want to check on them be for completing for efile. Linda and buddy Quote Link to comment Share on other sites More sharing options...
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