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Investors & landlords
The Section 179 deduction for property used for rental properties has been retroactively disallowed, as shown on the Section 179 Carryover screen in TurboTax.
See IRS Pub 946 Section 179 Eligible Property, chapter 2 for information on the section 179 deduction. "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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March 30, 2023
6:11 AM