My wife and I are 50 partners in our LLC. We each receive our K-1. We ceased business last year and sold off or otherwise disposed of assets. There are two pages of Sect 179 Assets on our K-1 schedules. Is it feasible to enter totals and refer to the schedule? The total amount of gain does not affect our loss / tax liability. Do I need to enter each asset, wiith date purchased/sold? They were purchased in multiple years and sold on different dates. All were previously claimed Sect 179 expense and no expense was disallowed. Do I need to do this busy work? It will require the entry of each item twice, one for my wife and one for me.
