Any Section 179, Passive or At-Risk Loss Carryovers?

[chapinreyes]

Hello,

I answered yes to the question "do you have any section 179 expense deduction, passive losses, or at-risk losses that were not allowed last year? But the next it asks to enter the section 179 carry over.  What is the correct amount?

1) i answered yes

2) Enter 177 carryover

3) Form 3885A has two sections Depreciation and Amortization - and each have a total under them?  DO I add both and enter that here or how does this work?

[AliciaP1]

Part II of CA Form 3885A is Election to Expense Certain Tangible Property (IRC Section 179).  If you have an amount on this line you will enter it on this screen in your screenshot.

Part III is Depreciation and Part IV is Amortization.

[chapinreyes]

Hello AliciaP1

Thank you!! Which line are you referring to in the screen attached as I am not clear on your response!  Please advice:

[AliciaP1]

It looks like you got your information in a different format than I expected.  When I look up the form it looks like this and I have starred the line where the information would be for a Section 179 carryover.

@chapinreyes 

[chapinreyes]

Hello @AliciaP1

Thanks for the response.  I would need to find that form correct?  Where do I find it?

Or what exactly is 179, Passive or At-Risk Loss Carryovers?

[AliciaP1]

No, it's the same form information just in a different format it looks like.  Since there is not a line for Section 179 on your 3885A you should answer the first question from your original post as "No".

Section 179 is a deduction of the full cost of qualified property used in a trade or business.  You can have a Section 179 deduction carryover (because it has limits), Passive Activity Loss Carryovers, and/or At-Risk Loss Carryovers.  They are all dependent on different scenarios about your business income.

@chapinreyes 

[chapinreyes]

Hello @AliciaP1 

Thank you for the response.  I actually answered yes because I did have a profit loss from my rental last year!