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I get the Critical Diagnostic error message:
Elected Section 179 expense has exceeded the dollar limitation. The excess amount is not deductible and will not be carried forward even though the basis has been reduced on applicable assets. US - Ref #772
All K1s and rental properties I have are profitable and for the life of me, I can't figure out what prior assets this program is referring to. I currently have no assets marked as Current Section 179 and still this error message is coming up. My Federal income also did not decrease from prior year 179. Essentially, the question is, how can I use Current Section 179 by bypassing the above error message?
I don't want to do "Special Depreciation" because the State of IL taxes you 5% on it.
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Can you take special on federal and 179 on state? Many states allow you to state different from fed.
I don't think I have enough information to evaluate the message. You may need to make the dreaded call to support. Contact Support
Answers are easy. Questions are hard!