Question

Recently formed an LLC and need to carryover Depreciation and Section 179 expenses from previous returns

Forum|Forum|4 years ago
April 9, 2022
1 reply
0 views

I am a long time user of Turbotax. I formed an LLC for our horse farm in December of 2020. In previous years I had Depreciation and Section 179 expenses that need to carryover to 2021. I am curious as to how to go about filling out the schedule F that I need to file with Form 1065 and K-1 in Turbo Tax without having that schedule F on my taxes? I will enter my portion of income as a K-1 form.

TurboTax Home & Biz Windows

M

Mike9241

there are no depreciation or 179 carryovers at the partnership level. those all flow to the partners/members where any limitation is at the taxpayer level.