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dbfailey
dbfailey
Level 2
May 6, 2020
Question

form 4562

  • May 6, 2020
  • 6 replies
  • 15 views

How do I correct error on part 1 line 12?

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6 replies

itonewbie
itonewbie
Level 15
May 6, 2020

What error?

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    dbfailey
    dbfaileyAuthor
    Level 2
    May 6, 2020

    Hi Sir,

    Thank you for your reply.  I'm getting an error on part 1 line 12.  I'ts telling me the taxpayer has multiple activities with the current year Section 179 deductions and exceeded Section 179 Limitations and to allocate Section 179. 

    dkh
    dkh
    Level 15
    May 6, 2020

    You'll need to reduce Sec179 on your assets until you are within the allowed limit.   The assets you can't take Sec179 for hopefully qualify for Special Depreciation Allowance.

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