WHEN YOU SELL DEPRECIABLE BUSINESS EQUIPMENT OFF OF A DEPRECIATION SCHEDULE FOR A PARTNERSHIP AND IT HAD SECTION 179 FIRST YEAR DEPR IT LOOKS LIKE THE PROGRAM JUST PUTS IT ON A SHEET ATTACHED TO K-1 AND YOU HAVE TO ENTER IT ON THE INDIVIDUAL PERSONAL RETURN ON A 4797. I JUST DIDNT WANT TO COUNT IT TWICE.
This is correct. Sales of assets with Section 179 are reported as separately stated information. This information is only reported on the separate statement and is not double counted in the partnership return or K-1.
This is correct. Sales of assets with Section 179 are reported as separately stated information. This information is only reported on the separate statement and is not double counted in the partnership return or K-1.
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