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Investors & landlords
@tagteam Does TurboTax software have the capability to generate a Form 4562 for depreciation expenses, along with Form 8582 (Passive Activity Loss Limitations), and input the result on line 24b of Schedule 1? (NOT Schedule E or Schedule C). Line 24b of Schedule 1 allows for deductions for expenses related to rental of PERSONAL property (NOT real estate) that is engaged in for profit that's not a business (OTHER INCOME). I have been unable to do this.
March 11, 2022
1:24 PM