topic Re: Section 179 disallowed in Get your taxes done using TurboTax

Section 179 disallowed

Stupidasur3 — Mon, 07 Dec 2020 18:53:40 GMT

This makes no sense to me. I have rental property that qualifies as a business and I select that option in TurboTax, but it disallows any Section 179 deductions. I have Mobile Home park which is my only source of income. I have 30 spaces and 10 mobile homes that I rent. I file Sch E.

I can select the Special Bonus Depreciation with no problem, but I just don't understand why TurboTax doesn't recognize me as a business even though I make the business selection within the program.

Re: Section 179 disallowed

Anonymous — Mon, 07 Dec 2020 20:10:40 GMT

when you take section 179, if possible look at form 4562. the one that combines all business activities. it may be that you have a net business loss in which case section 179 is not allowed. bonus does not have the same limitation.

this is a guess, we can not see your return

Re: Section 179 disallowed

Stupidasur3 — Mon, 07 Dec 2020 21:20:50 GMT

Nope. I've never operated at a loss and all properties are showing income. I just elected the Special Depreciation to get around it, but I've had this happen in the past, and thought I would ask the question. Thanks

Re: Section 179 disallowed

Anonymous — Tue, 08 Dec 2020 01:00:17 GMT

we can't see your return so don't know why. you would need to elect 179 then print out the 4562 to see why. it should show up in part I of that form.