No, you should not manually override the Section 179 deduction. It generally does not apply to residential rental units (long-term). It applies primarily to tangible personal property (appliances, furniture, carpets) used in rentals. It is also limited by taxable income detailed below.
Taxable income. (IRS Publication 946)
In general, figure taxable income for this purpose by totaling the net income and losses from all trades and businesses you actively conducted during the year. Net income or loss from a trade or business includes the following items.
- Section 1231 gains (or losses).
- Interest from working capital of your trade or business.
- Wages, salaries, tips, or other pay earned as an employee.
- For information about section 1231 gains and losses, see chapter 3 of Pub. 544.
In addition, figure taxable income without regard to any of the following.
- The section 179 deduction.
- The self-employment tax deduction.
- Any net operating loss carryback or carryforward.
- Any unreimbursed employee business expenses.
@JohnVeilleux
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