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I have a K1 with 754 depreciaton on line 20 but it is missing from line 13, how do I enter this?
Box 13 has no entry for 754 depreciation, but box 20 has an item that lists an amount identified as 754 depreciation. I'm unsure how to enter this amount.
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I have a K1 with 754 depreciaton on line 20 but it is missing from line 13, how do I enter this?
Technically this should have been reflected on your K-1 line 13 Code W and then identified as a Section 754 adjustment.
Not the end of the world. You can do one of two things:
- Using the TT input screens enter it as noted above as if it were reflected this way on your K-1, or
- Net the Section 754 amount with your line 1 amount.
*A reminder that posts in a forum such as this do not constitute tax advice.*
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I have a K1 with 754 depreciaton on line 20 but it is missing from line 13, how do I enter this?
Technically this should have been reflected on your K-1 line 13 Code W and then identified as a Section 754 adjustment.
Not the end of the world. You can do one of two things:
- Using the TT input screens enter it as noted above as if it were reflected this way on your K-1, or
- Net the Section 754 amount with your line 1 amount.
*A reminder that posts in a forum such as this do not constitute tax advice.*
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