MarilynG1
Expert Alumni

Investors & landlords

@SOtwell  You will have a 179 Carryover Loss if you're not able to use the 179 Deductions this year on your Schedule F. 

 

 

Here are the rules and limitations for 2020:

  • The asset must be tangible personal property, including software (not real estate).
  • It must be used in a trade or business (property used in a rental activity is generally not eligible).
  • You must take the deduction in the year you start using the asset.
  • The decision to use Section 179 must be made in the year the asset is put to use for business.
  • The deduction cannot be more than your earned income (net business income and wages) for the year.

 

 

Click this link for more info on Depreciation of Business Assets

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