where can I find the section 179 carry over from last year's form 4562?

[tianwaifeixian]

I am finishing up my rental property part and got the following question. Can anyone tell me which line on last year's form 4562 I should be looking at?

[DavidD66]

The Section 179 Carryover amount from 2021 is on Form 4562, page 1, section 1, line 13.  "Carryover of disallowed deduction to 2023..."

[tianwaifeixian]

Thank you!

How about QBI 179 carryover? Thank you again!

[ThomasM125]

The QBI section 179 carryover could be the same as the section 179 carryover. That would be the case if your qualified business income (QBI) component from your business was the same as your net taxable income from the business. That would likely be the case, unless you had some adjustments for things like capital gains associated with the business or business interest income, which is rare.

[tianwaifeixian]

Thank you! So I should be looking at the same line (line 13) on form 4562 if there is any, right?

[GeorgeM777 · Accepted solution]

Yes, that's correct.  This disallowed deduction amount is shown on line 13 of Form 4562. You may be able to use the carryover amount to determine your section 179 deduction for the 2022 tax year.  If you can use the carryover amount, enter that amount on line 10 of your Form 4562.

Section 179 allows for accelerated depreciation on certain types of business property.  It is an option for businesses that decide to expense an item in a given year rather than to capitalize the item over its depreciated life.  

@fanchunrong