nonresidential roof section 179 no showing up on Schedule E

Forum|Forum|2 years ago
March 2, 2024
2 replies
10 views

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?

ProSeries Professional

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Camp1040

Level 10

Check for pink boxes on the asset entry worksheet.

T

TaxGuyBill

Level 15

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.

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