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Asset Entry: Section 179 deduction and luxury auto limits
🔍 Asset Entry: Section 179 deduction and luxury auto limits
This guide explains how the program handles IRS limitations when entering vehicle information for Section 179 and luxury auto rules.
📊 Step-by-Step Guide
Step 1: Enter the vehicle limitation amount
Certain vehicles are subject to limitations by the IRS.
Step 2: Understand what happens if you enter more than the limit
When more than the limitation is entered for a vehicle which is subject to those limitations, the excess amount is disregarded by the program.
See the IRS instructions for Form 4562 for further information on automobile limitations.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form