@MarilynG1 your link doesn't work; at least for me.
@micpot I have several questions / comments:
- The section 179 limitation is limited to business income at both the partnership level and partner level.
- When you indicate the section 179 was not allowed because of a loss, was that at the partnership level?
- If bullet 2 is "yes", then no section 179 should have been allocated out to the partners on their respective K-1. The deduction is suspended (carried over).
- Was there income at the partnership level in 2020?
- If "no", then your section 179 deduction is still suspended (carried over)
- If "yes", then you should have included this on the 2020 form 1065 and K-1's
- Finally, is there income in 2021 at the partnership level?
- We need to understand the answers to the above before we can provide more clarity.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
