Depreciation of a property under LLC

[cxz126]

I purchased a property as a rental but put in in a multi-member LLC.  I get a k-1 pass-through that lists profit or loss.  But how do I claim the depreciation because it's not on the k-1?

[DianeC958]

Depreciation for a partnership is taken into account when figuring the overall profit or loss from the property.  The amount in Box 2 of your K-1 will have the depreciation amount as a part of that figure. Depreciation is not a separate item on the K-1 unless 179 depreciation has been taken.

If you look at the partnership return there should be a Form 4562 showing the amount of depreciation taken for 2019.  If this form is not a part of the return then you need to amend the partnership return to include the depreciation.

For a rental property the depreciation is straight line depreciation where you take the cost of the the rental property and you receive a deduction each year for 27.5 years once you put the property into service.

Tax Deductions for Rental Property Depreciation