1041 Schedule C depreciation

Forum|Forum|3 years ago
April 3, 2023
1 reply
14 views

Hi everyone...

I had to download Professional because i have to do one 1041 return which I normally never do. It should be simple BUT when I'm on Schedule C depreciation line and then set up an asset when the asset worksheet is done nothing shows up on the Depreciation line on Schedule C other than 0.

How do I get the depreciation number to show up on the depreciation line on Schedule C. The asset is the house and I tied into previous tax return number done by previous preparer.

Thanks in advance for any help you can give me!

ProSeries Professional

This topic has been closed for replies.

A

ajp

Level 6

We need more information. Is this a trust or an estate? Typically, Schedule C isn't on a 1041. Why is there one for your client?

S

Steve3461Author

Level 2

Thanks for getting back to me. Previous years used a schedule C for rental rather than schedule E. last year’s Schedule C had depreciation on the depreciation line. The asset worksheet that I established tied into previous year’s depreciation deductions.

it is a simple trust. One beneficiary who is also the trustee of the trust.

thank you!

A

ajp

Level 6

Interesting!

Maybe someone else will chime in, but since a Schedule C is for self-employment, resulting in self-employment tax, it doesn't really work well for a trust. I would keep that part on the person's personal return unless income is being reported specifically for trust property. If the property is in the trust's name and is still being rented, I would move the rental income to a schedule E on the trust return.

I'm interested to hear other responses. I understand that certain rental stuff (ie AirBnB) is usually on schedule C if it falls on a personal return. I know I've read something in regard to its treatment within a trust, but I can't seem to pull out a proper reference!

Amy

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