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The issue is that the property is residential and shouldn't have Section 179 depreciation in the first year. If you amend last year's return and expense the asset fully, you won't have a depreciation carryover to this year, or passive losses carried over due to depreciation exceeding income.
If you enter zero for the Section 179 carryover amount this year, it will not be carried forward to future returns. But if you had a passive loss generated last year because you claimed depreciation and had no income, that carryover should remain to offset what income you do have this year.
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March 7, 2024
11:42 AM