How to enter Section 754 Depreciation form K-1?

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itonewbieAnswer

Level 15

Are you referring to how this should be entered on a 1040? If so, you would expect the adjustment to have already been applied against that partner's income on the K-1. On that basis, you will not need to enter that "again" on the 1040. You may like to verify whether the adjustment was indeed not made on the K-1 against the income of that partner in the first instance.

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itonewbieAnswer

Level 15

Are you referring to how this should be entered on a 1040? If so, you would expect the adjustment to have already been applied against that partner's income on the K-1. On that basis, you will not need to enter that "again" on the 1040. You may like to verify whether the adjustment was indeed not made on the K-1 against the income of that partner in the first instance.

---------------------------------------------------------------------------------Still an AllStar

L

laval650Author

Level 4

Thank you. The footnotes actually indicate that QBI does not include these amounts.

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