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Business & farm
Hi, AmeliesUncle, we do this on a LLC/1065 return via Turbo Tax business. Where specifically do we manually enter the total amount of our 481(a) Adjustment to show depreciation that we "missed" taking on the rental properties in prior years? Is it entered somewhere on the depreciation entries, or is it just a manual 'other income/loss' item in the general business expenses. (I want to make sure it gets the right characterization so it is properly handled on K1's that flow through to personal returns and any future-year carryovers in the resulting losses). Thank you.
March 7, 2021
3:58 PM