I was double checking my sons taxes for him. I did know that 179 didn't apply and knew depreciation was 27.5 years. I was trying to help him understand what went wrong with how he was doing it.
He did enter in the Assets/Depreciation section. It wasn't bonus depreciation. It is an actual new roof (not re-shingle etc) and doesn't qualify for (it was $11,000.)We identified it as multi-family rental real estate which shouldn't be commercial. I walked through all of the steps and came up with the same Turbo response--Sec 179.
He is using the "Self Employed" Turbo Tax--could it assume it is commercial (as in industrial type) real estate due the "self employed" designation?
I want to understand this for future reference--In this instance I knew enough to question it, but that may not always be the case...
