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Level 2
posted Apr 24, 2020 6:25:27 PM

How to enter depreciation info for a multi member LLC K1

I have a 1065 K1 from a multi member LLC for a commercial property.  Was able to enter K1 info in Turbotax 2019 CD.  Didn't see a way to enter depreciation info in the K1 section. Did I miss it or is there a different entry point?

0 2 544
2 Replies
Level 15
Apr 25, 2020 6:57:34 AM

All of the asset entry  and  depreciation was taken care of on the form 1065 ... all you have to enter on the personal return is what flowed thru on the K-1 form .... you do NOT enter the assets again on the personal return which is why you cannot find a place to do so.  

Level 13
Apr 25, 2020 7:20:52 AM

In general @Critter is correct.

However, what is not clear is if you are referring to a separate reporting related to a step-up in basis that is being passed through to a member.

If this in fact is the case, then you would net it with the applicable income or loss line in box 1, 2 or 3.