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Get your taxes done using TurboTax
You had mentioned your only income is from residential rental properties and that you classify yourself as a real estate professional with active participation. Sch E is the correct form and within the input screen for depreciation of assets, you would indicate you are claiming sec 179 for your section 1245 property. The net income should carry into your state return. The only add back required in NY on IT-398 is for bonus depreciation (Sec. 168K). 1099-Misc, box 1, is used to report rents.
‎October 16, 2024
7:50 AM