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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- nonresidential roof section 179 no showing up on Schedule E
nonresidential roof section 179 no showing up on Schedule E
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haffcpa
Level 2
03-02-2024
01:53 PM
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when entering a nonresidential roof asset and taking 179 i Proseries- it doesn't carry the 179 to the profitable Schedule E - only shows up on the depreciation schedule and a Section 179 Report. I have tried choosing various assets codes J6 included but still doesn't work - is this a software glitch?
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2 Comments 2
Camp1040
Level 10
03-02-2024
02:03 PM
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Check for pink boxes on the asset entry worksheet.
TaxGuyBill
Level 15
03-02-2024
02:44 PM
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First, make sure it qualifies for Section 179. The rental must rise to the level of a "Trade or Business", plus it must meet the extra requirements for leased property in §179(d)(5).
https://www.irs.gov/publications/p946#en_US_2023_publink1000107407
Because of those restrictions, ProSeries automatically assumes it does NOT rise to the level of a "Trade or Business" so it does not add in the rental income to the income limitation on line 11 of the 4562.
*IF* it does qualify, then double click line 11 of Form 4562 and it will show a spot to enter/adjust the income by entering the rental income.
