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Bwickham4375
Returning Member

Recently formed an LLC and need to carryover Depreciation and Section 179 expenses from previous returns

I am a long time user of Turbotax.  I formed an LLC for our horse farm in December of 2020.  In previous years I had Depreciation and Section 179 expenses that need to carryover to 2021.  I am curious as to how to go about filling out the schedule F that I need to file with Form 1065 and K-1 in Turbo Tax without having that schedule F on my taxes?  I will enter my portion of income as a K-1 form.

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1 Reply

Recently formed an LLC and need to carryover Depreciation and Section 179 expenses from previous returns

there are no depreciation or 179 carryovers at the partnership level. those all flow to the partners/members where any limitation is at the taxpayer level.

 

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