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depreciation section 179

in doing 2020 tax i have discovered a possible error...i have a rental condo. not a business other than renting the condo. not know what i did i see in 2018 i have $615 in section 179 for window treatment. the condo has been a rental since 2015 and i did something in 2018. it also says 100% business. Is this correct?  do i need to correct or does it matter?

 

after looking at what is property assests it lists computers cars etc. do i correct? if so how?

what does do? i hope to sell it this year when the current tenant finds a new place. 

 

thank you for your time andhelp

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1 Reply
ThomasM125
Expert Alumni

depreciation section 179

You can take a section 179  deduction on rental assets under some circumstances, so the section 179 deduction may be legitimate. You would have 100% business use if you rented the condo and didn't use it for personal purposes.

 

If you used your car to travel to the condo it would be an allowable deduction, based on the percentage of time for business usage or business miles versus personal miles. For the computer, you could deduct a portion of it if you used it for the rental, but that would be rare.

 

So, you may want to delete the computer asset and maybe the car if you didn't use it much. You will see an option to delete them in the assets section of your rental property. You should go back and amend previous returns if you deducted the auto and computer on them in error.

 

 

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