In TT Home and Business, it will ask for additional Code W details. The list of options does show a "Section 754 Depreciation" that can be checked off. The Descriptive information from my K-1 states: "Section 743(B) Depreciation Adjustment..... $amount".
The issue is that if I check off that it is a Section 754 depreciation, it reduces my taxes.
However, it I place it under the "Other Description Enter Below" - there is no change to my tax- also I cannot easily find another place to enter this information.
I have tried to understand the complexities of Sec. 743(b) adjustments and how it may affect inside versus outside basis of a partnership. Honestly, still confused, but nonetheless, just would like to know that Section 743 is a subcategory under a Section 754 election and so checking off that this item is a "Section 754" would be acceptable.
THANK YOU in advance for any advice on this.
