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Working on an S-corp. That the primary business is rental properties. They have purchased some heavy equipment for the corporation when I set it up on depreciation the depreciation shows as a business loss. All the other depreciation is listed on 8825. Is this correct? When I import the K-1's I'm getting an error that states can't have lines 1 and two (different incomes on 1 K-1)
Confused Help please
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Although it is annoying, it should be depreciated on 8825 and be divided/allocated between the properties.
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In PS, the system won't allow K-1 Ordinary Line 1 and Rental Lines 2 or 3 on the same input form.
Just create another K-1 worksheet on the 1040. I call mine JG LLC-Ordinary and JG LLC-Rental.
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I thought about that but could not figure out how to depreciate equipment (catopillar) on a rental property page. Thank you for responding. This is a great forum everyone has been so helpful.
