- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
The loss (before 179) will pass through to your personal return simply by entering the K1 (1065) form. You enter K1 forms in Self-Employed under Personal Income. Because the business is filing an entity return, you don't report much on the personal side- you just key in the K1.
There are limits to whether a business can transfer the 179 loss to you in the current year. If the business is operating at a loss in the current year (before 179), the 179 is not available to you, personally, in 2016. It is being carried over to 2017, which means it won't be available to you until 2017.
You may want to reconsider the 179 if you are trying the maximize the current year loss. Depending on when you placed the equipment in service, normal depreciation may be a nice amount for 2016. Normal depreciation will increase the loss which passes through.