Section 179 for rental property

[nancysue]

I have rental property which I manage myself, but which is passive income.  That activity earned a profit.

I also have income from a business, on a second K-1, with a non-passive loss.

My husband has a business, on a third K-1, with a non-passive profit.

Our combined K-1's have a positive total income.

I have a section 179 deduction on the above rental property.  TurboTax originally applied it to the K-1 activity for the rental property income.  TT later (for unknown reasons) eliminated this deduction, and is now deferring it to the following year.  Since the activity for which I received it had a profit, my understanding is that I should be able to deduct it.  Am I correct in this?  If so, how can I reinstate the 179 deduction?

[RobertB4444]

You can preview your tax forms and see if you can figure out what is triggering the deduction limitation.

A help article on how to do that in TurboTax is available here.

You can also have a TurboTax expert go over your return with you. This article will help with that.

There are income limits that apply to a Section 179 deduction and income limits as well.  You should check these to see if you have hit any of these numbers triggering a limit on your deduction for 2021.

You can find those limits here.

[Mike9241]

the best form to look at is the summary form4562.  the total 179 amount will be on line 9 while the business income limit will be on line 11. your 179 deduction can't exceed line 11