The way I read this is the partnership LLC passes thru all losses, including depreciation, to my wife’s personal income tax return. And depreciation deduction that passes thru cannot exceed all the sources of her income.
makes sense as one could own 3 LLC partnership companies - 2 make money and pass thru net income. A 3rd, new LLC, (is in year one) which is an investment year and has a pass thru losses, including depreciation, that exceed income of just this 3rd partnership).
net, u have to look at all sources of income on the personal tax return (job wages at company x and any LLCs.
somehow, when I printed the forms, the schedule K shows the total depreciation loss. So I’m good.
