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Schedule E Worksheet: Sec 179 carryforward-reg should not be entered....
I get an error on a residential rental property on Sched E and 4562: "Sec 179 Carryforward-Reg should not be entered, because this rental property is not a commercial property." Asset was newly in service on 12/13/2022 (last year) - at which time 0 depreciation was entered by Turbotax. I think it should not have been entered as Sec 179 as we no longer are "materially involved." This property (with taking $0 in 2023 for depreciation) has only $313 income in 2023 - and depreciation carryover amount is $2,232 for the asset (which, in hindsight, I should have fully expensed last year). How should I address this?
March 5, 2024
10:37 AM