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Wananaka
New Member

My business property was unavailable in 2021. Only the minimum expenses was allowed. Will Turbo Tax carry forward the expense amount in excess of what was allowed?

 
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2 Replies

My business property was unavailable in 2021. Only the minimum expenses was allowed. Will Turbo Tax carry forward the expense amount in excess of what was allowed?

"Unavailable" in what sense? Did you stop doing business in 2021? Also, what type of property?

 

If you were in business in 2021, regardless of whether you had any income, and had assets that were subject to depreciation, you should have taken the deduction in that tax year. 

Carl
Level 15

My business property was unavailable in 2021. Only the minimum expenses was allowed. Will Turbo Tax carry forward the expense amount in excess of what was allowed?

What kind of business property? Residential rental real estate? It matters. It also matters why it was not available in 2021.

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