This is with regard to a rental property which underwent renovation.
In my Federal depreciation (form 4562) I entered $15,000 under Section 179 (immediate deduction) and $14,000 under depreciation. I get a total deduction of about $16,000
In the California depreciation (form 3385A) Turbotax enters everything as depreciation, and my total deduction is only about $1,500.
Can anybody explain why nothing is entered as Section 179?
Many thanks. A quick response will be greatly appreciated.
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Does your rental rise to the level of a "Trade or Business"?
I suppose it's business (intended for profit, etc.)
In the meantime, I spent almost 2 hours on the phone with Turbotax experts -- without getting a clear solution.
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