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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- SECTION 179
SECTION 179
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Russo
Level 2
07-11-2024
03:17 PM
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I NEED HELP WITH An ERROR IN PROSERIES 2023 IS ABOUT SECTION 179.
THE ERROR IS TELLING ME THIS:
YOU HAVE ELECTED SECTION 179 ON MULTIPLE ACTIVITIES OR HAVE A SECTION 179 DEDUCTION ON A K-1 ACTIVITY.
THE TOTAL AMOUNT ON SECTION 179 YOU MAY DEDUCT HAS BEEN LIMITED.
YOU MUST REALLOCATE THE SECTION 179 ON ONE OR MORE ACTIVITIES
AND THE TAXES I AM DOING IS WITH ONE K-1 ONLY AS INCOME AND IN THE LINE 12 ON K-1 HAS THE AMOUNT OF $ 7,208 AND THE ERROR IS ON THE FORM 4562 LINE 12 AS WELL
IF SOMEONE HAS BEEN THE SAME SITUATION OF ERROR AND YOU FIX IT, PLEASE LET ME KNOW HOW I CAN DO IT, THANKS IN ADVANCE
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