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- 1065 Capital account M-2 and schedule L
1065 Capital account M-2 and schedule L
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RD1968
Level 1
02-24-2022
07:43 AM
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I have a new client this year who is a cash basis tax payer. However, his sec 179 deduction was taken as book depreciation in 2019 but disallowed for taxable income , due to limitation of TI in 2019. It was reported in M-1 appropriately in 2019. M-2 balance was adjusted (not in schedule L) in 2020, as such there was a disparity in Schedule L capital account and M-2. in 2021, how do I report when I partially take 179 deduction. Do I adjust capital account in Schedule L to tax basis? It doesnt seem right as there will never be a Schedule M-1 items . How to fix this in pro series
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