I entered my Section 754 Depreciation from the K-1s I received but the deduction is not showing up on my return?

Forum|Forum|6 years ago
September 26, 2019
7 replies
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Anonymous_

Level 15

If possible, check Part II on page 2 of your Schedule E.

swarwick30

Level 2

Nope. TT just doesn't subtract the amount on K-1 Line 13, which results in inflated income, QBI, and ultimately in tax due. I would workaround manually if I could figure out where to make manual adjustments. This is holding up my entire return, plus state return.

swarwick30

Level 2

EXACTLY my problem too. TT is not deducting the amount of 754 Depr which is throwing everything off. I have spent hours trying to figure out a workaround, to no avail.

Critter

Level 15

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

swarwick30

Level 2

thank you ... the link that you posted is empty - no hours or phone - I can probably find on my own.

swarwick30

Level 2

Just spoke w TT Help, and fixed quickly.

Do record the amount from Box 13 on your K-1, under the code noted on te K-1.

If you have an amount reported in Box 20, reduce that amount by the amount in Box 13. That fixes everything.

TT told me IF you receive a notice from the IRS re this, to write a letter stating that the amount in dispute was reported on your K-1, and send a copy of the K-1 - certified mail.

Hope this helps.

Anonymous

line 13 code w. then you need to use the link for code W to designate it as section 754. however, if this is a passive activity, the deduction may end up being suspended.