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March 11, 2023
Question

Section 179 expense

  • March 11, 2023
  • 1 reply
  • 0 views

After entering items and taking Section 179 single year deduction, items are not calculating as part of the business loss/profit. They appear to be not included for some reason which I am unable to figure out.

1 reply

AliciaP1
March 11, 2023

It depends on what form you are reporting your business income on.  If you are filing a Form 1065 for a partnership or a Form 1120S for an S-Corp, the section 179 expense is reported on the partner/shareholder's Schedule K-1 as a pass-through expense and not as an expense to the business reflected in net income. 

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