How to get a 743(b) adjustment to show up correctly on 1065

[kellygwillis]

I cannot get the 743(b) adjustment to show up properly on the 1065.  The schedule L is including the assets K-1 does not have anything in Box 13.  I cannot get Schedule B, line 10 to fill out without overriding.  I am fine overriding if needed but hoping to do it cleanly so tracks for the future.

[George4Tacks]

Line 11 or 17?

[IntuitRebecca]

Hi there,

To get a 743(b) adjustment computed automatically in K-1 box 13, check your entries on the Depreciation screen for the applicable assets. Make sure the "Form" you have them sent to is one that would affect the Sch K, not just page 1 of the 1065.

Then, click into Details and choose the "Special allocation" you want the asset to use. Options 3 or 4 will automatically add this asset's totals into the 743b total adjustment lines on the Sch B.

[kellygwillis]

ok thank you I have the special allocation correct.  These are the issues I am still facing:

Assets are included in schedule L (it does not matter if on book or federal tax basis they are included either way), capital accounts are correct because this is adjusted through M-2

If set form to 8825 then deducts as depreciation expense on 8825 therefore reducing income for all partners.  I had to set to Schedule K to have depreciation stated separately.  Only when I did this did it flow to schedule K and K-1 correctly.  For state return (South Carolina) there is no way to allocate to just one partner.  The original 743(b) adjustment flows correctly but there is an add back for bonus depreciation not recognized by SC and this add back cannot be allocated to partner.  

[kellygwillis]

I do not think you are replying to the correct question.

[George4Tacks]

https://accountants.intuit.com/support/en-us/help-article/form-1065/making-section-743-b-734-b-754-b...

[kellygwillis]

Thank you George4Tacks.  These directions are for Lacerte not ProConnect Tax.  

[George4Tacks]

It does translate. This could get you there.