https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1027252#M39645 <P>TurboTax comment explains that the investment tax credit exceeds the business income limitation and shows -$5000 for business income which is the start up costs deducted.&nbsp; The rental income from the commercial property with the new roof generated 5x the cost of the new roof and is the only asset of the partnership.&nbsp; Do I add the full amount of rental income as business income at the entry for additions to business income since it seems none of the rent is included?<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="TTbusiness.jpg" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/3549iB500DA9CFD7684D6/image-size/large?v=v2&amp;px=999" role="button" title="TTbusiness.jpg" alt="TTbusiness.jpg" /></span>&nbsp;</P> Tue, 28 Jan 2020 03:54:44 GMT kwanfam1 2020-01-28T03:54:44Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1027252#M39645 <P>TurboTax comment explains that the investment tax credit exceeds the business income limitation and shows -$5000 for business income which is the start up costs deducted.&nbsp; The rental income from the commercial property with the new roof generated 5x the cost of the new roof and is the only asset of the partnership.&nbsp; Do I add the full amount of rental income as business income at the entry for additions to business income since it seems none of the rent is included?<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="TTbusiness.jpg" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/3549iB500DA9CFD7684D6/image-size/large?v=v2&amp;px=999" role="button" title="TTbusiness.jpg" alt="TTbusiness.jpg" /></span>&nbsp;</P> Tue, 28 Jan 2020 03:54:44 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1027252#M39645 kwanfam1 2020-01-28T03:54:44Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1034377#M39696 <P>Yes, but you would not want to enter the rents on this screen- you must enter the income in the proper place (under Rental Income).&nbsp; You will not get the correct section 179 deduction unless and until you enter all rental income and expenses in TurboTax.</P><P><a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/740622">@kwanfam1</a></P> Wed, 29 Jan 2020 01:45:19 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1034377#M39696 MaryK4 2020-01-29T01:45:19Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1039820#M39781 <P>I did input the rental income.&nbsp; The software has a bug.&nbsp; Likely there are issues because this tax credit is so new as applied to certain items in 2019.&nbsp; &nbsp;We will wait to see if it is fixed later.</P> Wed, 29 Jan 2020 21:02:57 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-investment-tax-credit-showing-0-for-partnership-for-new-roof-in-2019/01/1039820#M39781 kwanfam1 2020-01-29T21:02:57Z