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New partnership with section 179 carryover to 2023. It is not adjusting "income per books". Do I manually override "depreciation per books not on return" on M-1? Also, do I manually override M-2 so that partnership capital is reduced?
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Ugh, there's no good answer there. I think for people who don't keep formal partnership books, I make an entry in my tax workpapers that's a contra-account to accumulated depreciation, called "Sec 179 carryforward." It's easier than poking Lacerte.
Also, have you considered bonus depreciation?
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Yes, but they want to go the 179 route for other reasons.
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So, I take it that this is an ongoing issue? Does my way of handling it seem appropriate?
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LOL "poking Lacerte"
I agree with Phoebe, Lacerte doesn't handle this situation well (or, at all). You have to make it work.