DWayneB
Level 2

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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PhoebeRoberts
Level 11
Level 11

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

Yes, but they want to go the 179 route for other reasons.

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DWayneB
Level 2

So, I take it that this is an ongoing issue?  Does my way of handling it seem appropriate?

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abctax55
Level 15

LOL "poking Lacerte" 

I agree with Phoebe, Lacerte doesn't handle this situation well (or, at all).  You have to make it work.

HumanKind... Be Both