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Level 4

Question

Property Type for Rental Property

Forum|Forum|5 years ago
December 4, 2020
1 reply
1 view

I own a mobile home park and another rental home which are my sole source of income. When I enter in my schedule E, I have selected my Mobile Home Park as a Property Type 2, Multi-Family Residence. When I try to take the Section 179 deduction, Turbo Tax flags my entry and states I must use either property type 4, Commercial, or property type 4, Self-Rental. I don't know which one to choose.

My rental home I classify as a property type 1, Single Family Residence.

Level 15

You own the whole park? Sounds like a business that should go on SCH C. If residential on SCH E you can't use Section 179.

Stupidasur3Author

Level 4

No, we've always been a schedule E. It was set up that way by my accountant when we first purchased it. He did our taxes for several years until they just got too expensive. That's when I took over with Turbotax.

Level 15

But you can only use Sec 179 if your rental rises to the level of a business.