I started an LLC for a rental property I bought and built in 2016. I have had it rented since. I have always filed my business under Schedule C and just recently was made aware that I should have filed it on Schedule E. For 2023 I deleted my business under schedule C and added it under rentals which is Schedule E. I added everything from 2022's report of assets. Unfortunately I got an error of "the total of Section 179 carryover shown here does not match the sum of Section 179 carryovers on each individual activity." I reviewed my entries and the assets (appliances) were entered as "E1 office furniture" but when i entered them now I put them in as "F rental furnishings". The E1 on previous years gave a life as 7 ys. I now see it says its only 5 ys and its now 6 yrs. Anyway I don't have a clue how to fix the problem. any help?
You'll need to sign in or create an account to connect with an expert.
The 7 year property should be entered as follows below. It's important to stick with the same depreciation method for your assets. The IRS does not allow a change unless you are making a correction or requesting a change in accounting method.
You can use the following steps to correct the depreciation for seven year property.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
osgood53
New Member
NeUnhappy
New Member
samT5
New Member
mizzkitty79
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.