ATX Depreciation

[Randall]

Am I missing something?  ATX Fixed Asset input.  New vehicle.  S Corp.  Max allowed in first year is $18,200 whether Sec179 or Bonus Depr.  When I treat it as 1st year bonus depreciation, an amount for next year depreciation shows up.  But when I show it as Sec 179, a recovery basis amount shows up but no next year depreciation amount shows up.  The next year amount shows up for state (Ky) either way.  I was wanting to use Sec 179 in order to give a larger deduction for state.  Fed is the same either way but I'm wondering about the next year depreciation and carrying forward to next year.

[mcb39]

I thought that you couldn't do 179 or bonus depreciation on vehicles.  That thought is stuck in my brain somewhere.

[Randall]

1 hour ago, mcb39 said:

I thought that you couldn't do 179 or bonus depreciation on vehicles.  That thought is stuck in my brain somewhere.

I think you can but there are dollar limitations, much lower than for other assets.

[Terry D EA]

The link from the IRS below may help.

 

New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act | Internal Revenue Service (irs.gov)