EATAX1
Level 1
‎04-02-2023 09:42 AM
I entered some 179 expenses on schedule E rental but they do not carry to form 4562
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sjrcpa
Level 15
‎04-02-2023 12:50 PM

You're doing it backwards. You enter the assets in the depreciation section and elect to take the 179 deduction.

Are you sure they qualify for 179?

Have you considered bonus depreciation?


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Accountant-Man
Level 13
‎04-02-2023 01:31 PM

First, what sjrcpa said. 

Then, commercial rentals only get sec. 179.

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TaxGuyBill
Level 15
‎04-02-2023 02:05 PM
@Accountant-Man wrote:

Then, commercial rentals only get sec. 179.

 

Residential can get it too.  They changed that a few years ago.

However, for any rental, it must rise to the level of a "Trade or Business" in order to qualify for Section 179.

 

I have no idea how ProConnect works, but in ProSeries the 4562 income limit (line 11) automatically assumes the rental does NOT rise to the level of a Trade or Business.  So if it DOES rise to that level, you need to manually change line 11 on the 4562.

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