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C
coachbja
Level 1
June 30, 2020
Question

Section 179 Limitations

  • June 30, 2020
  • 2 replies
  • 16 views

I have a section 179 deduction from a K-1 that has been limited.  I received an error message saying that I should reallocate the deduction, etc.  How do I reallocate this deduction when I only had a section 179 deduction on one K-1 activity?

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2 replies

dkh
dkh
Level 15
June 30, 2020

Interesting.....    Sec179 on K1 would (or at least should) have only be allowed if K1 had income to support the deduction.  What else is on the return that is affecting the Sec179? 

Schedule C or Schedule F ?

C
claudetcb
Level 4
July 2, 2020

No reason to allocate. The Sec 179 deduction is only limited to the extent of net income reported on the 1040 from a passthrough K1. Post the entire Sec 179 deduction from the K1, to your 1040 K1 input sheet. The 179 deduction can only reduce income to the extent of net income. The remaining Sec 179 becomes a carryforward to next year's return.

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