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Get your taxes done using TurboTax
For tax year 2024, the Section 179 deduction (including carryovers) is disallowed for rental properties. See IRS Pub 946 Section 179 Eligible Property: "Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business [ie: passive income]), and property that produces royalties, does not qualify."
You have the option to amend return that created the Sec 179 carryover and take bonus/regular depreciation instead.
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‎April 8, 2025
11:47 AM