Skip to main content
pacoford
Level 5
May 13, 2020
Question

How do I transfer prior year depreciable assets from K-1 income to schedule c

  • May 13, 2020
  • 5 replies
  • 18 views

My client is an excavator. He sole income has been reported through a K-1. He purchased the business and continues to use the assets. Do I use prior depreciation from K-1 supplemental expenses and carryover to Schedule C?

This topic has been closed for replies.

5 replies

dkh
Level 15
May 13, 2020

Please provide more detail.    Income through K-1 indicates he's either a member of an LLC or shareholder of S-Corp.   Why would there be a Schedule C?   Prior depreciation is depreciation deducted prior tax years why would you use that on current tax return.

pacoford
pacofordAuthor
Level 5
May 13, 2020

Yes, he is a member of an LLC. Then he bought the business. He operates as a sole proprietor henceforth.

qbteachmt
Level 15
May 13, 2020

Did he buy the assets, take on the liabilities? Or, did he buy out the Partners, so that the LLC now has only the one partner left?

Don't yell at us; we're volunteers