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Investors & landlords
Rentals only would qualify for Section 179 if (1) the rental rises to the level of a "trade or business" AND (2) it meets one of the exceptions to the general rule about property leased to other does not qualify for Section 179 (see link).
Because of those restrictions, TurboTax automatically assumed it does NOT qualify (and does not ask the proper questions to allow it under the qualifying circumstances). *IF* it does qualify for Section 179, then you need to manually go into the "Forms" (only available on the CD/downloaded versions) and change line 11 of Form 4562.
https://www.irs.gov/publications/p946#en_US_2023_publink[phone number removed]
March 6, 2024
10:15 PM