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Question

Depreciation

Forum|Forum|1 year ago
May 22, 2024
1 reply
0 views

I have an interest in an LLC - the asset is real estate. Each member has a different basis so the k-1 we receive does not show depreciation. Where can I enter my depreciation expense?

Ask the Experts - Biz Tax - May 2024

When a business such as a partnership has assets on it's 1065 return like real estate or machinery, it gets depreciated on the 1065. The depreciation on the 1065 provides a deduction, reducing income, for each respective member on their K-1.

In some cases, depreciation adjustments are shown on box 13W of the K-1.

I suggest checking the original business return such as the 1065, or 1120-S eturn to make sure all assets are added and depreciated on that tax return.