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Business & farm
Does the rental rise to the level of a "Trade or Business"?
Section 179 is only allowed for a "Trade or Business".
TurboTax assumes that all rentals are NOT a "Trade or Business".
IF it is a "Trade or Business", you need to modify line 11 of Form 4592. As far as I know, the online version of TurboTax can NOT do this; you would need the CD/downloaded version to do that (and go into "Forms Mode" to modify line 11 of Form 4562_.
‎April 11, 2025
5:17 PM