Business & farm

Thanks for that reply, @Rick19744 

So there is indeed always something in Box 13 Code V, and it's always a number that shows up a few times in the K-1 as the "Section 754 Depreciation Deduction", and for the past few years in a new statement labeled "Section 199A Information Box 20 Code Z". 

It seems to me that,  since the advent recently of some new question-asking in turbotax (2022, I think?) about the section 199A information and QBI, turbotax  has started automatically deducting the "Section 754 Depreciation Deduction". which I used to have to do myself.  

I notice that when turbotax deducts that amount, it does so by creating a schedule E line item labeled "Sec 743(b) adj" for each K-1, which winds up looking a lot like the way I used to do it, which involved creating an extra K-1 for the deduction so it also got it's own schedule E line. Except I used to title the k-1's as  "<original entity name> Sec 754 adjustment" 

So apparently section 743(b) and section 754  stuff is related. I don't understand any of it. 

The question I was asking was basically related to the fact that the turbotax interview and k-1 worksheets want me to enter a single number for box 20 code U, which is supposed to be the "the total Sec. 743(b) adjustment net of any cost recovery as a single amount for all asset categories"  and the partnership doesn't give me a single number, only a table with lots of numbers. 

It looks like this, but of course not the real numbers: 

I found some IRS instruction clarifications for partners that I think in a section labeled FAQ 6 suggests the number the partnership is supposed to be providing me is the total of the two numbers in the last column of this table, in this case $2000. 

But I also continue to believe that the number in Box 20 Code U is not used anywhere in the form 1040; I can type any number in there and it doesn't change anything. 😀