DWayneB
Level 2
02-18-2023
12:28 PM
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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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Level 11
02-18-2023
12:48 PM
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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?
DWayneB
Level 2
02-18-2023
12:49 PM
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Yes, but they want to go the 179 route for other reasons.
DWayneB
Level 2
02-18-2023
01:07 PM
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So, I take it that this is an ongoing issue? Does my way of handling it seem appropriate?