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How to enter specially allocated depreciation in a 1065 in Lacerte
by Intuit• Updated 2 weeks ago
This article will help you enter section 754 or section 743(b) basis adjustments, or other depreciation and allocate it to partners.
To enter specially allocated depreciation:
- Go to Screen 14, Depreciation.
- Select an existing asset or click on Add from the left navigation panel.
- Enter all applicable information in the entry grid.
- Take note of the Form you select. Only depreciable assets sent to the following forms can be specially allocated:
- 3=Form 8825, Rental Real Estate
- 5=Rental other than Real Estate
- 6=Form 1065, Schedule K
- Take note of the Form you select. Only depreciable assets sent to the following forms can be specially allocated:
- Select the appropriate allocation type from the Special allocation (Ctrl+T) drop down menu:
Once these entries have been made on the depreciation screen, you'll to specially allocate the step-up in basis to partners.
To specially allocate the depreciation:
Go to Screen 29, Special Allocations. Then, follow the steps below for the form you linked the depreciable asset to.
Follow these steps if you selected 3=Form 8825:
- Click on the Income folder to expand it.
- Select the Rental Real Estate folder.
- Click on the Specially Allocated Depreciation folder.
- Select the type of specially allocated depreciation (Section 754, 743b, or Other item).
- Allocate the amount to the partners.
Follow these steps if you selected 5=Rental Other than Real Estate:
- Click on the Income folder to expand it.
- Select the Other Rental Activities folder.
- Click on the Specially Allocated Depreciation folder.
- Select the type of specially allocated depreciation (Section 754, 743b, or Other).
- Allocate the amount to the partners.
Follow these steps if you selected 6=Form 1065, Schedule K:
- Click on the Deductions folder to expand it.
- Select the Other Deductions folder.
- Click on the Specially Allocated Depreciation folder.
- Select the type of specially allocated depreciation (Section 754, 743b, or Other).
- Allocate the amount to the partners.
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