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Can I take Section 179 deduction for Residential Rental Property? (I read on TaxAct.com that it's not allowed)
I spent $4900 for wood floors on a residential rental property in 2018. I entered it as Capital Improvement, and TurboTax is asking if I want to take Section 179 deduction. However I read on TaxAct.com that Section 179 deduction is not allowed for rental property -- is this true? If so why is TurboTax not telling me that i am not allowed to take it (TurboTax knows this is a rental property)?
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‎June 1, 2019
1:03 PM