1065 - Form 743(b) adjustment

Forum|Forum|4 years ago
February 11, 2022
1 reply
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Does anyone know how to get the depreciation from a 743(b) adjustment to wind up on line 13 of the K-1 with code "V"?

I have entered the basis adjustment as an asset on Screen 14, depreciation, entered its basis, date in service, method, etc. On the line for "special allocation" I have selected "Section 743(b)".

On screen 29, "special allocations", I have allocated the depreciation from those assets to the partners correct partners.

I'm coming out with the right amount of income, but Lacerte is not carrying the depreciation to line 13 with code "v".

Any suggestions for what I'm missing?

Lacerte Tax

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Best answer by joshuabarksatlcs

Mine is working. Both Codes V (743b) and W (754) for different partnership. Random ideas:

1. Is the depreciation item showing up on the Depr Sch - under Form 1065, Sch K?

2. By any chance the item was marked delete this year?

3. Screen 14, General, Form set to Form 1065 Sch K?

4. Lacerte updated?

joshuabarksatlcsAnswer

Level 9

Mine is working. Both Codes V (743b) and W (754) for different partnership. Random ideas:

1. Is the depreciation item showing up on the Depr Sch - under Form 1065, Sch K?

2. By any chance the item was marked delete this year?

3. Screen 14, General, Form set to Form 1065 Sch K?

4. Lacerte updated?

I come here for kudos and IRonMaN's jokes.

F

FsaglioAuthor

Level 2

It was item #3 - I missed setting it to 1065 Sch K. Thanks!

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