Route 743(b) negative adjustment to K-1 Code 13V instead of 13W?

Forum|Forum|6 years ago
February 17, 2020
1 reply
23 views

I have several partnership returns with 754 elections and 743(b) depreciation. Has anyone found a way yet to have these show up on Schedule K-1 with Code 13V instead of Code 13W? With the revised K-1 codes for 2019 the 743(b) negative adjustments now have their own code, but I can't get Lacerte to send them from the Depreciation screen to the correct code.

Lacerte Tax

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T

Taxtraveler

Level 3

I'm having the same problem and thought it would be fixed for 2020, but it still goes to Code W.

sinadalleyAuthor

Level 2

Someone at Lacerte got back to me with an answer last year. On the Depreciation screen 14, in the Asset Information section, under the heading Regular Depreciation there is a line for Special allocation. If you select one of the options on that line that includes 743(b) then the depreciation on that asset routes to Line 13V on the K-1s.

T

Taxtraveler

Level 3

Thank you! I actually discovered earlier today. What I now can't find is how to enter AH code and the required language per partner instructions for the partner with the 743(b) adjustment. This is now required to comply with tax basis capital account reporting. Any ideas there?

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