My K-1 l am having a hard time figuring out what number I use when I am trying to enter them into the my personal taxes about my 179 Sale.
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Which numbers, exactly? You can use Step-by-Step Mode and simply follow the prompts. but it is typically more straightforward, as well as easier, to enter the information in Forms Mode (if you are using a desktop version of TurboTax).
Which numbers, exactly? You can use Step-by-Step Mode and simply follow the prompts. but it is typically more straightforward, as well as easier, to enter the information in Forms Mode (if you are using a desktop version of TurboTax).
It starts by asking to enter the amounts for box K so I entered 22,059 and for box V 8,831, not sure if that is right. Then it asks for expense of sale which I am not sure what to put in, then it asks for deprecation and deprecation AMT, which once again not sure what to put in, then 179 expense and expense disallowed. I am trying to get these numbers to fill in what its asking for the number I received on my K-1 in the pictures I posted of it.
Do you think that i filled out the numbers correctly based on what was on my K-1 shown above.
I believe the figure you have in (e) belongs in (f); cost or basis.
So what goes in (e)
Selling expenses, if any, such as sales commissions, legal fees, escrow charges, et al.
Ok I was just entering what was listed on my K-1, sure do appreciate your help, as you can tell I am not very good at this section.
Code K
Disposition of Assets with Prior Section 179 Expense
Asset Description. . . . . . . . . . . . . . . . . . . 2014 Dodge Ram Tax Year(s) Passed
Through. . . . . 2014
Date Acquired. 9/29/2014
Date Sold. . . . . 7/04/2019
Sales Price. . . . 8,831.
Cost or other basis plus expense of sale. . 22,059.
Depreciation allowed or allowable. . . . 0.
Section 179 expense deduction previously reported . . 22,059.
I understand and, if the transaction involved only the sale of a vehicle then, most likely, there were no selling expenses (i.e., the cost/basis was just reported).
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