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Deductions & credits
Form 4562 Line 12 is the total of your current Section 179 deduction plus carryovers from prior years. This total is subject to a business income limitation. In other words, you cannot deduct more than the income that was reported from this activity. Did the K-1 report income as well as the Section 179 deduction?
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March 25, 2022
11:04 AM