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Recapture of Depreciation
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lbones
Level 5
3 hours ago
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I picked up a Partnership last year (2023) that was formed in 2022. In 2022 they purchased three pieces of equipment totaling $24,679. The CPA that prepared the taxes for them that first year used a Special Allocation to completely depreciate the equipment. In 2024 the Partnership dissolved.
The equipment was originally purchased by one of the partners, and they allocated all of the depreciation to that partner. When the partnership dissolved he took possession of the equipment, it was not sold.
I believe that depreciation should be recaptured and get assessed to the partner that with the allocation in 2022.
Two part question, is my thought process correct and if so how/where do I recapture. This is not a situation that I have come across in the past.
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