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Get your taxes done using TurboTax
Yes, you can split the expense from Form 1065 Line 13(e)(C) using a Special Allocation by percentage or by amount with an allocation code on the same line where you entered the 754 depreciation.
- First, confirm that "Makes Special Allocations" is listed as Yes under Business Info >> About Your Business.
- Go to Partner/Member Information and click Done at the bottom of the Member Summary page.
- Continue to the page "How to Enter Special Allocations" and click "See Demo" at the bottom.
- Follow the example for Special Allocation by Percentage.
- To confirm the allocations, open Statement A (Page 1) for each partner to see how Line 13 is being allocated.
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March 7, 2024
11:23 AM