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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Step up Basis Depreciation
Step up Basis Depreciation
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ElizabethR
Level 1
09-05-2024
05:37 PM
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I'm trying to allocate step up basis depreciation to one partner on Form 1065 flowing to K1 - line 13 code W other deductions. The problem is I have to first put it on schedule k and it's not allowing me to do it. Anyone else have a similar situation? And how did you fix it?
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dascpa
Level 11
09-06-2024
09:13 AM
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On Schedule K-1 Worksheet under Special Allocations list 100% under #1 (By Ratio) for that partner.
Then on Schedule K (Line 13N) also list "1" in the Special Allocation box. That will link the 754 depreciation together.
