Deductions & credits

To clarify do you have a business or rental property?  It depends on the type of property/asset.  While you cannot take Section 179 deduction for the residential rental property, itself,  you can use Section 179 to deduct tangible, long-term personal property.  This includes, for example, kitchen appliances, carpets, drapes, or blinds. 

• Date placed in service must be the current year
• Select the option on the screens following your asset entry
• Sample of the rental section is shown below.
• Please provide additional information if you need further assistance and our tax experts can help.

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