I am confused about section 179 and think I might have a glitch in Turbo tax.
I am a real estate investor with rental income and W2 income.
Suddenly my section 179 deducations are limited to my W2 income, meaning my section 179 deductions cannot exceed my W2 income amount.
I believe this is line 11 in Form 4562, called the "Business income limitation," it matches my W2 income total but it doesn't show where it is getting this number from.
I am very confused because I thought section 179 deductions have limits in the $500,000-$2,000,000 range and I have plenty of extra depreciation I want to claim to offset my rental income.
