Entering 754 Depreciation in Partnership Return

[wboyd2120]

Hi,

I'm preparing a small rental real estate partnership return for 2020.  In 2010 there was a partner redemption and a 734(b) basis adjustment election was made.  At that time and into future years, the prior accountant stepped up the basis in the assets as required by the election and depreciated the step-up and reported it on line 13w of Sch K.  I'm attempting to continue this treatment in TurboTax Business but can't figure out how to input the 754 depreciation.  When entering an asset to be depreciated it just defaults to showing up on the 8825 with the respective rental property.  Is there a way to indicate that this is 754 depreciation that should be reported on line 13w of Sch K? 

[tagteam · Accepted solution]

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@wboyd2120 wrote:

Is there a way to indicate that this is 754 depreciation that should be reported on line 13w of Sch K? 

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I am fairly certain you are not going to find that in the program, but you can make the 754(b) election in Forms Mode. Note that you can also enter a code and figure on your K-1(s) in Forms Mode.