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How do I input a Section 179 expense from a passthru entity on a trust return?

Level 3

I have a trust that owns an interest in an LLC. The K-1 from the LLC has an amount in box 12, Section 179 deduction. Where do I input that in ProConnect?

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2 Comments 2
Level 13

I use Pro Series, and I tried entering income on of the 1065 k-1 owned by the trust, on line 1 and Sec 179 on line 12. The error message popped up, " Estates and trusts can't take Sec 179 deduction."

Same for 1120S k-1, line 1 and line 11.


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Level 15

How did the §179 expense get allocated on the K-1 to your client as a trust?  Something is not right since §179(d)(4) specifically denies estates and trusts the use of this provision and the regulations stipulate that the basis should be adjusted for such amounts otherwise allocable (with the resultant effect being that other partners could disproportionately benefit from this unless remedied by the partnership agreement).

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